CF2 Ch 02 Time Value of Money 公司财务与 及金融 课件.pptVIP

Chapter 2;Time Value Topics;Time lines show timing of cash flows.;Time line for a $100 lump sum due at the end of Year 2.;Time line for an ordinary annuity of $100 for 3 years;After 1 year;After 2 years;After 3 years;Three Ways to Find FVs;Financial calculator: HP10BII;HP10BII (Continued);HP10BII: Set Time Value Parameters;Financial calculators solve this equation: FVn + PV (1+i)n = 0. There are 4 variables. If 3 are known, the calculator will solve for the 4th.; 3 10 -100 0 N I/YR PV PMT FV 133.10;Spreadsheet Solution;10%;Solve FVn = PV(1 + i )n for PV;;Spreadsheet Solution;20%;Time to Double (Continued); 20 -1 0 2 N I/YR PV PMT FV 3.8;Spreadsheet Solution;?%; 3 -1 0 2 N I/YR PV PMT FV 25.99;Spreadsheet Solution;Ordinary Annuity;What’s the FV of a 3-year ordinary annuity of $100 at 10%?;FV Annuity Formula;Financial Calculator Formula for Annuities; 3 10 0 -100 331.00;Spreadsheet Solution;What’s the PV of this ordinary annuity?;PV Annuity Formula;Have payments but no lump sum FV, so enter 0 for future value.;Spreadsheet Solution;Find the FV and PV if theannuity were an annuity due.;PV and FV of Annuity Due vs. Ordinary Annuity; 3 10 100 0 -273.55 ; 3 10 0 100 -364.1 ;Excel Function for Annuities Due;What is the PV of this uneven cash flow stream?;Financial calculator: HP10BII;Financial calculator: HP10BII (more);;Excel Formula in cell A3: =NPV(10%,B2:E2);Nominal rate (iNom);Periodic rate (iPer );The Impact of Compounding;The Impact of Compounding (Answer);FV Formula with Different Compounding Periods;$100 at a 12% nominal rate with semiannual compounding for 5 years ;FV of $100 at a 12% nominal rate for 5 years with different compounding;Effective Annual Rate (EAR = EFF%);Effective Annual Rate Example;Comparing Rates;;Finding EFF with HP10BII;EAR (or EFF%) for a No