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ID:56311307
大小:1.78 MB
页数:39页
时间:2020-06-11
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1、IntroductiontoValuation:TheTimeValueofMoneyChapter4Supposeyouhave¥10,000toinvestforalongtime,willyouinvestonagovernmentbondwhichpromisestorepay¥20,000in10years,orsaveyourmoneyinabankwithinterestrateof4%compoundedannually?KeyConceptsandSkillsTimevalueofmoneyBeable
2、tocomputethefuturevalueofaninvestmentmadetodayBeabletocomputethepresentvalueofcashtobereceivedatsomefuturedateBeabletocomputethereturnonaninvestmentChapterOutlines4.1FUTUREVALUEANDCOMPOUNDING4.2PRESENTVALUEANDDISCOUNTING4.3MOREONPRESENTANDFUTUREVALUESBasicDefinit
3、ionsPresentValue(现值)–thecurrentvalueoffuturecashflowsdiscountedattheappropriatediscountrate.FutureValue(终值)–thecashvalueofaninvestmentatsometimeinthefuture.Interestrate–“exchangerate”betweenearliermoneyandlatermoney◆Discountrate◆Costofcapital◆Opportunitycostofcap
4、ital◆RequiredreturnFutureValuesSupposeyouinvest$1000foroneyearat5%peryear.Whatisthefuturevalueinoneyear?◆Interest=1000(.05)=50◆Valueinoneyear=principal+interest=1000+50=1050Supposeyouleavethemoneyinforanotheryear.Howmuchwillyouhavetwoyearsfromnow?◆FV=1000(1.05)(1
5、.05)=1000(1.05)2=1102.50FUTUREVALUES:GENERALFORMULAFV=PV(1+r)t◆FV=futurevalue◆PV=presentvalue◆r=periodinterestrate,expressedasadecimal◆t=numberofperiodsFutureValueInterestFactor=(1+r)tFVIF(r,t)EFFECTSOFCOMPOUNDINGSimpleinterest(单利)Compoundinterest(复利)Considerthep
6、reviousexample◆FVwithsimpleinterest=1000+50+50=1100◆FVwithcompoundinterest=1102.50◆Theextra2.50comesfromtheinterestof.05(50)=2.50earnedonthefirstinterestpaymentFIGURE4.1FIGURE4.3SETTINGSDecimal(2):(2ND)(FORMAT)(2OR4)(ENTER)P/Y(Paymentsperyear)=1;C/Y(Compoundingpe
7、riodsperyear)=1:(2ND)(P/Y)(1)(ENTER)(ARROWDOWN)(1)(ENTER)END-OF-PERIOD:(2ND)(BGN)(2ND)(SET)(CE/C)Howtoavoidmistakesinusingthecalculator(P94)TEXASINSTRUMENTSBA-IIPLUS◆FV=FUTUREVALUE◆PV=PRESENTVALUE◆I/Y=PERIODINTERESTRATE◆P/YMUSTEQUAL1FORTHEI/YTOBETHEPERIODRATE◆INT
8、ERESTISENTEREDASAPERCENT,NOTADECIMAL◆N=NUMBEROFPERIODS◆REMEMBERTOCLEARTHEREGISTERS(CLRTVM)AFTEREACHPROBLEM◆OTHERCALCULATORSARESIMILARINFORMATCALCULATORKEYSEXAM
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