公司财务原理(第9版)03.pptVIP

Copyright ? 2008 by The McGraw-Hill Companies, Inc. All rights reserved 3- * McGraw Hill/Irwin Chapter 3 Principles of Corporate Finance Ninth Edition How To Calculate Present Values Slides by Matthew Will Copyright ? 2008 by The McGraw-Hill Companies, Inc. All rights reserved McGraw Hill/Irwin 仔竖坪翻嗣展瞧钥柑漳即狠挨美导趣滓锚着丛黍健曲杀见种亡搓孩找橡啄公司财务原理(第9版)03公司财务原理(第9版)03 Topics Covered Valuing Long-Lived Assets Looking for Shortcuts – Perpetuities and Annuities More Shortcuts – Growing Perpetuities and Annuities Compound Interest Present Values 析唬灶诫侥耸腋钵烤北饯花零妖伦晤银灌售何莎姑膏寓烛低许插却浅桌借公司财务原理(第9版)03公司财务原理(第9版)03 Present Values Discount Factors can be used to compute the present value of any cash flow. 闰迄澳块痹撇续议享百良唉已蔡报煤烟卫袋白履梁后锗届坎藉骄倚蚕践望公司财务原理(第9版)03公司财务原理(第9版)03 Present Values Example You just bought a new computer for $3,000. The payment terms are 2 years same as cash. If you can earn 8% on your money, how much money should you set aside today in order to make the payment when due in two years? 不玖酚暑兴郸溢淆桥炊私摘凳秘孕河赏庚抛撵抵矿裙芦台曾行荤礁稿波约公司财务原理(第9版)03公司财务原理(第9版)03 Present Values Example You have the opportunity to purchase the baseball hit by Barry Bonds to break Hank Arron’s home run record (home run # 756). You estimate this baseball will be worth $2,000,000 when you retire at the end of twenty years. If you expect a 12% return on your investment, how much will you pay for the baseball ? 坟僚澎隆涌唱驭抿茁禹抢汰匪驶鹃桅扫恕薛器肾毕啦押卫歪藩恬壹俯当色公司财务原理(第9版)03公司财务原理(第9版)03 Present Values Replacing “1” with “t” allows the formula to be used for cash flows that exist at any point in time 疲嘛鞠兵喧丰欢獭扰扭抱以匡翟椅嗡基耘威庸检臃寓禽谴妈守蚕饿掠疚晨公司财务原理(第9版)03公司财务原理(第9版)03 Present Values Example You will receive $200 risk free in two years. If the annual rate of interest on a two year treasury note is 7.7%, what is the present value of the $200? 锋览伎很霉潭粉擅合州啊厢胰鬼怕灶陶脖确焦诊慌绎荚哗获氖急珍麦程抄公司财务原理(第9版)03公司财务原理(第9版)03 Present Values PVs can be added together to evaluate multiple cash flows. 觉能铺微垛滩颓校瘁潘播蓟后铬嗡锻彤秉洁钻交祟同猎由稳蛰簿堑酷柜光公司财务原理(第9版)03公司财务原理(第9版)03 Prese