公司理财Chap009PPT.pptVIP

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公司理财Chap009PPT.ppt

The Time Value of Money 9 Chapter Outline Time value associated with money Determining future value based on number of periods over which funds are to be compounded at given interest rate Present value based on current value of funds to be received Tables for future and present values, their need in computations, determination of yield Compounding or discounting occurring on a less than annual basis Relationship to the Capital Outlay Decision Determine whether future benefits are sufficiently large to justify current outlays Mathematical tools help in making capital allocation decisions Future Value – Single Amount Measuring value of an amount that is allowed to grow at a given interest over a period of time is necessary Assuming that the worth of $1,000 needs to be calculated after 4 years at a 10% interest per year, we have: 1st year……$1,000 X 1.10 = $1,100 2nd year…...$1,100 X 1.10 = $1,210 3rd year……$1,210 X 1.10 = $1,331 4th year……$1,331 X 1.10 = $1,464 Future Value – Single Amount (cont’d) A generalized formula is: Where FV = Future value PV = Present value i = Interest rate n = Number of periods; In the previous case, PV = $1,000, i = 10%, n = 4, hence; Future Value of $1(FVIF) Future Value – Single Amount (cont’d) In determining future value, the following can be used: Where = The interest factor If $10,000 were invested for 10 years at 8%, the future value would be: Present Value – Single Amount A sum payable in the future is worth less today than the stated amount The formula for the present value is derived from the original formula for future value: The present value can be determined by solving for a mathematical solution to the formula above, thus restating the formula as: Assuming Present Value of $1(PVIF) Relationship of Present and Future Value Future Value – Annuity A series of consecutive payments or receipts of equal amount The future value of each payment can be totaled to find the future value of an annuity Ass

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