[管理学]时间价值补充.pptVIP

Chapter 4 Discounted Cash Flow Valuation Chapter Outline 72 principle EAR and APR Continuous Compounding Growing Annuity Growing Perpetuity How Long is the Wait? If we deposit $5,000 today in an account paying 10%, how long does it take to grow to $10,000? 72法则 当贴现率r%介于5%~20%，使你的钱变成2倍大约需要的时间是：72/r(年) 接上例，72/10=7.2(年) 当你想在35岁的时候，你想要你的资产达到100万，而你只有50万的资本可供投资。每年的增长率是8%，那么就需要9年时间，即你在26岁的时候就必须开始投资。 Effective Annual Rate (EAR) This is the actual rate paid (or received) after accounting for compounding that occurs during the year If you want to compare two alternative investments with different com