货币时间价值英语.ppt

《货币时间价值英语.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、TheTimeValueofMoneyWhatisTimeValue?WesaythatmoneyhasatimevaluebecausethatmoneycanbeinvestedwiththeexpectationofearningapositiverateofreturnInotherwords,“adollarreceivedtodayisworthmorethanadollartobereceivedtomorrow”Thatisbecausetoday’sdollarcanbeinvestedsothatwehavemorethanonedollartomorr

2、owTheTerminologyofTimeValuePresentValue-Anamountofmoneytoday,orthecurrentvalueofafuturecashflowFutureValue-AnamountofmoneyatsomefuturetimeperiodPeriod-Alengthoftime(oftenayear,butcanbeamonth,week,day,hour,etc.)InterestRate-Thecompensationpaidtoalender(orsaver)fortheuseoffundsexpressedasape

3、rcentageforaperiod(normallyexpressedasanannualrate)AbbreviationsPV-PresentvalueFV-FuturevaluePmt-PerperiodpaymentamountN-Eitherthetotalnumberofcashflowsorthenumberofaspecificperiodi-TheinterestrateperperiodTimelines012345PVFVTodayAtimelineisagraphicaldeviceusedtoclarifythetimingofthecashfl

4、owsforaninvestmentEachtickrepresentsonetimeperiodCalculatingtheFutureValueSupposethatyouhaveanextra$100todaythatyouwishtoinvestforoneyear.Ifyoucanearn10%peryearonyourinvestment,howmuchwillyouhaveinoneyear?012345-100?CalculatingtheFutureValue(cont.)Supposethatattheendofyear1youdecidetoexten

5、dtheinvestmentforasecondyear.Howmuchwillyouhaveaccumulatedattheendofyear2?012345-110?GeneralizingtheFutureValueRecognizingthepatternthatisdeveloping,wecangeneralizethefuturevaluecalculationsasfollows:Ifyouextendedtheinvestmentforathirdyear,youwouldhave:CompoundInterestNotefromtheexampletha

6、tthefuturevalueisincreasingatanincreasingrateInotherwords,theamountofinterestearnedeachyearisincreasingYear1:$10Year2:$11Year3:$12.10ThereasonfortheincreaseisthateachyearyouareearninginterestontheinterestthatwasearnedinpreviousyearsinadditiontotheinterestontheoriginalprincipleamountCompoun

7、dInterestGraphicallyTheMagicofCompoundingOnNov.25,1626PeterMinuit,aDutchman,reportedlypurchasedManhattanfromtheIndiansfor$24worthofbeadsandothertrinkets(珠子和其他饰品).WasthisagooddealfortheIndians?Thishappenedabout371yearsago,soiftheycouldearn5%peryeartheywouldnow(