[经济学]货币银行学英文版ppt4.pptVIP

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2018-03-11 发布于浙江
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[经济学]货币银行学英文版ppt4.ppt

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[经济学]货币银行学英文版ppt4

Chapter 4 Future Value, Present Value and Interest Rates Future Value Future Value is the value on some future date of an investment made today. Present Value Present Value (PV) is the value today (in the present) of a payment that is promised to be made in the future. OR Present Value is the amount that must be invested today in order to realize a specific amount on a given future date. Future Value $100 + $100(0.05) = $105 PV + Interest = FV PV + PV*i = FV Where: PV = Present Value FV = Future Value i = interest rate (as a percentage) Future Value Future Value in one year. FV = PV*(1+i) Future Value Future Value in two years: $100+$100(0.05)+$100(0.05) + $5(0.05) =$110.25 Future Value in Two Years = Present Value of the Initial Investment + Interest on the initial investment in the 1st Year + Interest on the initial investment in the 2nd Year+ Interest on the Interest from the 1stYear in the 2nd Year Future Value General Formula – Future value of an investment of PV in n years at interest rate i (measured as a decimal, or 5% = 0.05) FVn = PV*(1+i)n Future Value Future Value Note: Both n and i must be measured in same time units —if i is annual, then n must be in years, So future value of $100 in 18 months at 5% is FV = 100 *(1+0.05)1.5 If the annual interest rat is 5%,what is the interest rate for one month? Future Value Present Value Present Value of an amount received in one year. Solving the Future Value Equation FV = PV*(1+i) Present Value Example: $100 received in one year, i=5% PV=$100/(1+0.05) = $95.24 Note: FV = PV*(1+i) = $95.24*(1.05) = $100 Present Value Present Value of $100 received n years in the future: Present Value Example Present Value of $100 received in 2 ? years and an interest rate of 8%. PV = $100 / (1.08)2.5 = $82.50 Note: FV =$82.50 *