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1、Chapter5FormulasIntroductiontoValuation:TheTimeValueofMoneyMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsBeabletocomputethefuturevalueofaninvestmentmadetodayBeabletocomputethepresentvalueofcashtobere
2、ceivedatsomefuturedateBeabletocomputethereturnonaninvestmentBeabletocomputethenumberofperiodsthatequatesapresentvalueandafuturevaluegivenaninterestrateBeabletouseafinancialcalculatorand/oraspreadsheettosolvetimevalueofmoneyproblems5F-22ChapterOutlineFut
3、ureValueandCompoundingPresentValueandDiscountingMoreaboutPresentandFutureValues5F-33什么是货币的时间价值货币时间价值：是指货币随着时间的推移而发生的增值，也称为资金时间价值。是不是货币在任何状态下都可以产生时间价值呢？是不是货币作为资本投入到经营活动中所获得的增值额都是时间价值呢？4利率的构成利率=时间价值+风险报酬+通货膨胀贴水利率在经济生活中的表现形式银行存款利息率银行贷款利率债券利息率股息率时间价值是扣除风险报酬
4、和通货膨胀贴水后的真实收益率（社会平均资金收益率）。5BasicDefinitionsPresentValue–现值（PV），是指未来某一时点上的一定量现金折合到现在的价值，又称本金。FutureValue–终值（FV），是现在一定量现金在未来某一时点上的价值，即本利和，又称将来值。Interestrate–“exchangerate”betweenearliermoneyandlatermoneyDiscountrateCostofcapitalOpportunitycostofcapitalReq
5、uiredreturn5F-66FutureValuesSupposeyouinvest$1,000foroneyearat5%peryear.Whatisthefuturevalueinoneyear?Interest=1,000(.05)=50Valueinoneyear=principal+interest=1,000+50=1,050FutureValue(FV)=1,000(1+.05)=1,050Supposeyouleavethemoneyinforanotheryear.Howmuch
6、willyouhavetwoyearsfromnow?FV=1,000(1.05)(1.05)=1,000(1.05)2=1,102.505F-77FutureValues:GeneralFormulaFV=PV(1+r)tFV=futurevaluePV=presentvaluer=periodinterestrate,expressedasadecimalt=numberofperiodsFuturevalueinterestfactor=(1+r)t复利终值系数，可查表，中文教材表现为（F/P，
7、i,n)5F-88EffectsofCompoundingSimpleinterestCompoundinterestConsiderthepreviousexampleFVwithsimpleinterest=1,000+50+50=1,100两年期单利FVwithcompoundinterest=1,102.50两年期复利Theextra2.50comesfromtheinterestof.05(50)=2.50earnedonthefirstinterestpayment5F-99Calcula
8、torKeys计算器TexasInstrumentsBA-IIPlusFV=futurevaluePV=presentvalueI/Y=periodinterestrateP/Ymustequal1fortheI/YtobetheperiodrateInterestisenteredasapercent,notadecimalN=numberofperiodsRemembertocleartheregisters(CLRTVM)aftereachprob
