财务管理英文.pptxVIP

1;;;;;;Financial Goal of the Firm;;;;Agency problem;Agency Costs;;Financial Decisions and Risk-return Relationships;Risk and Returns;Why Prices Reflect Value;Organisational Forms;Nature of the organisational forms;;;;Comparison of Organisational forms;The flow of funds;;Types of securities;Broking investment banking;;Components of financial markets;Primary andsecondary markets;Capital money markets;Reviews ;End of Chapter 1;Chapter 4: Mathematics of Finance;The Time Value of Money;We know that receiving $1 today is worth more than $1 in the future. This is due to OPPORTUNITY COSTS. The opportunity cost of receiving $1 in the future is the interest we could have earned if we had received the $1 sooner.;we can MEASURE this opportunity cost by:;Note:;Future Value;Future Value - single sumsIf you deposit $100 in an account earning 6%, how much would you have in the account after 1 year?;Future Value - single sumsIf you deposit $100 in an account earning 6%, how much would you have in the account after 2 year?;Future Value - single sumsIf you deposit $100 in an account earning 6%, how much would you have in the account after 3 year?;Future Value - single sumsIf you deposit $100 in an account earning 6%, how much would you have in the account after 4 year?;Future Value - single sumsIf you deposit $100 in an account earning 6%, how much would you have in the account after 5 years?;Future Value - single sumsIf you deposit $100 in an account earning i, how much would you have in the account after n years?;;;Future Value - single sumsIf you deposit $100 in an account earning 6% with quarterly compounding, how much would you have in the account after 5 years?;Present Value;;;Present Value - single sumsIf you will receive $100 5 years from now, what is the PV of that $100 if your opportunity cost is 6%?; 0 5;Mathematical Solution: PV = FV (PVIF i, n ) 5,000 = 11,933 (PVIF ?, 5 ) PV = FV / (1 + i)n 5,000 = 11,933 / (1+ i)5