公司理财教材新第四节.pptVIP

Introduction to Valuation: The Time Value of Money Chapter 4 Key Concepts and Skills Be able to compute the future value of an investment made today Be able to compute the present value of cash to be received at some future date Be able to compute the return on an investment Chapter Outline Future Value and Compounding Present Value and Discounting More on Present and Future Values Basic Definitions Present Value – earlier money on a time line Future Value – later money on a time line Interest rate – “exchange rate” between earlier money and later money Discount rate Cost of capital Opportuni