资金时间价值(ppt63).pptVIP

Parts of an Annuity 0 1 2 3 $100 $100 $100 (普通年金第1年年末） (先付年金) 1年年初 现在 相等现金流 (先付年金) 1年年末 FVAn = R(1+i)n-1 + R(1+i)n-2 + ... + R(1+i)1 + R(1+i)0 普通年金终值 -- FVA R R R 0 1 2 n n+1 FVAn R: 每年现金流 年末 i% . . . FVA3 = $1,000(1.07)2 + $1,000(1.07)1 + $1,000(1.07)0 = $1,145 + $1,070 + $1,000 = $3,215 普通年金 -- FVA例 $1,000 $1,000 $1,000 0 1 2 3 4 $3,215 = FVA3 年末 7% $1,070 $1,145 FVAn = R (FVIFAi%,n) FVA3 = $1,000 (FVIFA7%,3) = $1,000 (3.215) = $3,215 查表计算 III FVADn = R(1+i)n + R(1+i)n-1 + ... + R(1+i)2 + R(1+i)1 = FVAn (1+i) 先付年金 -- FVAD R R R 0 1 2 n n+1 FVADn R: 每年现金流 年初 i% . . . FVAD3 = $1,000(1.07)3 + $1,000(1.07)2 + $1,000(1.07)1 = $1,225 + $1,145 + $1,070 = $3,440 先付年金 -- FVAD例 $1,000 $1,000 $1,000 $1,070 0 1 2 3 4 FVAD3 = $3,440 年初 7% $1,225 $1,145 FVADn = R (FVIFAi%,n)(1+i) FVAD3 = $1,000 (FVIFA7%,3)(1.07) = $1,000 (3.215)(1.07) = $3,440 查表计算 III PVAn = R/(1+i)1 + R/(1+i)2 + ... + R/(1+i)n 普通年金现值 -- PVA R R R 0 1 2 n n+1 PVAn R: 每年现金流 年末 i% . . . PVA3 = $1,000/(1.07)1 + $1,000/(1.07)2 + $1,000/(1.07)3 = $934.58 + $873.44 + $816.30 = $2,624.32 普通年金现值 -- PVA例 $1,000 $1,000 $1,000 0 1 2 3 4 $2,6