第六组第一次作业.pptVIP

第六小组 第一次作业 组长： 邹金莲 成员: 韩莉莉 王彬 辛明辉 游宜倩 黄荔 李来军 5.1 Central Concepts in Financial Management A bird in the hand is worth two in the bush . (双鸟在林不如一鸟在手) Risk-return tradeoff（风险与收益的权衡） Investors will take on additional risk only if they anticipate high return. （只有当投资者预期高收益时，他们才将承担额外的风险） Time value of money（货币时间价值） A dollar available today is worth more than a dollar available at a future date. This is because a dollar today can be invested to earn a return. （今天的一美元价值超过在未来某一日期的一美元的价值。这是因为今天的一美元可通过投资获取收益） additional（adj.附加的，额外的） anticipate（ Vt.预期，欲望，占先，抢先，提前使用 ） 5.2 Simple vs. Compound Interest Rates and Future vs. Present Value（单利率和复利率以及终值和现值） 5.2.1 Simple interest (单利) Interest that is not added to the principal or capital in calculating subsequent interest payment is referred to as simple interest. 在计算随后的支付利息时不会添加到本金或资本的利息被称为单利。 5.2.2 Compound interest（复利） The so-called compounding effect therefore tends to increase the amount of interest paid (charged) as the principal increases due to the addition of previous interest payments (charges) . 所谓的复利效果是由于以前的利息支付（收取）的增加而增加支付（收取）利息金额作为增加的本金。 FV—Future Value PV—Present Value n---number of periods of investment i----Interest rate 5.2.3 Future Value(未来值) How much will an investment be worth at a specific time in the future , compounded at a specific rate of interest ? (一项投资在将来一定时间按特定的利率复利计算的价值多少？未来值是出于复利计算的复利价值) Future Value is a compounded. (未来值的常用名是终值) 5.2.4 Present Value（现值） The process of computing the present value of a future amount is called discounting. 终值计算现值的过程被称为贴现。 discount rate（折现率）, opportunity cost（机会成本）, required rate of return（要求的报酬率）, and the cost of capital(资本成本). 5.3 Annuity （年金） ? Ordinary annuity（普通年金）—— the first cash flow in the series is one period（n.周期，期间；时期；课时；（语法学）句点，句号adj.某一时代，周期的，定期的） from today. This is the