04+理解利率.pptVIP

* * * * 第四章  理 解 利 率 利率的计量现值 Present value * 计算未来收入在今天的价值，这个过程被称为对未来的贴现（Discounting the Future）。 现值的计算 Present Values Present Value Year 0 100/1.07 200/1.0772 Total = $93.46 = $172.42 = $265.88 $100 $200 Year 0 1 2 Time Value of Money: Formula PV of single sum: PV of multiple amounts: PV of zero growth annuity: Ct = Cash Flow at time t, rt = discount rate t time t. Assume r is constant. Time Value of Money: Formula (con’t) PV of constant growth annuity PV of zero growth perpetuity PV of constant growth perpetuity PV