3数字习题解答123.pptVIP

Chapter Three UNDERSTANDING INTEREST RATES Chapter Outline Interest Rates利率 Risk and Interest Rate 风险和收益 The Time Value of Money and The Interest Rate Obviously, $10,000 today. You already recognize that there is TIME VALUE TO MONEY!! Which would you prefer -- $10,000 today or $10,000 in 5 years? Why TIME? 若眼前能取得$10000，则我们就有一个用这笔钱去投资的机会，并从投资中获得 利息. 为什么在你的决策中都必须考虑 时间价值? Types of Interest Compound Interest复利 单利Example SI = P0(i)(n) = $1,000(.07)(2) = $140 假设投资者按 7% 的单利把$1,000 存入银行 2年. 在第2年年末的利息额是多少? 单利 (终值FV) FV = P0 + SI = $1,000 + $140 = $1,140 终值F V 现在的一笔钱或一系列支付款按给定的利率计算所得到的在某个未来时间点的价值. 单利 Future Value (FV) 是多少? 单利 (PV) P V 就是你当初存的$1,000 原始金额. 是今天的价值! 现值P V 未来的一笔钱或一系列支付款按给定的利率计算所得到的在现在的价值. 前述问题的现值 (PV) 是多少? 单利公式 公式 SI = P0(i)(n) SI: 单利利息 P0: 原始金额 (t=0) i: 利率 n: 期数 Types of Interest Compound Interest Interest paid (earned) on any previous interest earned, as well as on the principal borrowed (lent).不仅借（贷）的本金要支付利息，而且前期的利息在下一期也计息. Value = Principal + Interest + Compounded interest Why Compound Interest? 复利终值 假设投资者按7%的复利把$1,000 存入银行 2 年，那么它的复利终值是多少？ 复利公式 FV1 = P0 (1+i)1 = $1,000 (1.07) = $1,070 复利 在第一年年末你得了$70的利息. 这与单利利息相等. FV1 = P0 (1+i)1 = $1,000 (1.07) = $1,070 FV2 = FV1 (1+i)1 = P0 (1+i)(1+i) = $1,000(1.07)(1.07) = P0 (1+i)2 = $1,000(1.07)2 = $1,144.90 在第2年你比单利利息多得 $4.90. General Future Value Formula FV1 = P0(1+i)1 FV2 = P0(1+i)2 General Future Value Formula: FVn = P0 (1+i)n Story Problem Example Julie Miller 想知道按 10% 的复利把$10,000存入银行， 5年后的终值是多少？ Story Problem Solution Present Value Single Deposit (Graphic) Assume that you need $1,000 in 2 years. Let’s examine the process to determine how much you need to deposit today at a discount rate of 7% compounded annually. Present Value Single Deposit (Formula) PV0 = FV2 / (1+i)2 = $1,000 / (1.07)2 = FV2 / (1+i)2 = $873.44 General Present Value Formula PV0 = FV1 / (1+