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1、货币时间价值英语TheTerminologyofTimeValuePresentValue-Anamountofmoneytoday,orthecurrentvalueofafuturecashflowFutureValue-AnamountofmoneyatsomefuturetimeperiodPeriod-Alengthoftime(oftenayear,butcanbeamonth,week,day,hour,etc.)InterestRate-Thecompensationpaidtoalender(orsaver)fortheuseof
2、fundsexpressedasapercentageforaperiod(normallyexpressedasanannualrate)AbbreviationsPV-PresentvalueFV-FuturevaluePmt-PerperiodpaymentamountN-Eitherthetotalnumberofcashflowsorthenumberofaspecificperiodi-TheinterestrateperperiodTimelines012345PVFVTodayAtimelineisagraphicaldeviceu
3、sedtoclarifythetimingofthecashflowsforaninvestmentEachtickrepresentsonetimeperiodCalculatingtheFutureValueSupposethatyouhaveanextra$100todaythatyouwishtoinvestforoneyear.Ifyoucanearn10%peryearonyourinvestment,howmuchwillyouhaveinoneyear?012345-100?CalculatingtheFutureValue(con
4、t.)Supposethatattheendofyear1youdecidetoextendtheinvestmentforasecondyear.Howmuchwillyouhaveaccumulatedattheendofyear2?012345-110?GeneralizingtheFutureValueRecognizingthepatternthatisdeveloping,wecangeneralizethefuturevaluecalculationsasfollows:Ifyouextendedtheinvestmentforath
5、irdyear,youwouldhave:CompoundInterestNotefromtheexamplethatthefuturevalueisincreasingatanincreasingrateInotherwords,theamountofinterestearnedeachyearisincreasingYear1:$10Year2:$11Year3:$12.10Thereasonfortheincreaseisthateachyearyouareearninginterestontheinterestthatwasearnedin
6、previousyearsinadditiontotheinterestontheoriginalprincipleamountCompoundInterestGraphicallyTheMagicofCompoundingOnNov.25,1626PeterMinuit,aDutchman,reportedlypurchasedManhattanfromtheIndiansfor$24worthofbeadsandothertrinkets(珠子和其他饰品).WasthisagooddealfortheIndians?Thishappenedab
7、out371yearsago,soiftheycouldearn5%peryeartheywouldnow(in1997)have:Iftheycouldhaveearned10%peryear,theywouldnowhave:That’sabout54,563Trillion(万亿)dollars!TheMagicofCompounding(cont.)TheWallStreetJournal(17Jan.92)saysthatallofNewYorkcityrealestateisworthabout$324billion.Ofthisamo
8、unt,Manhattanisabout30%,whichis$97.2billionAt10%,thisis$54,56
