集团公司理财记录材料汇总整编.pdfVIP

,. 5 Time value of money Compinding future value FV 感谢阅读 Discounting present value PV 精品文档放心下载 Interest rate exchange rate between earlier and later money 精品文档放心下载 ❖ FV = PV(1 + r)t ❖ PV = FV / (1 + r)t ▪ r = period interest rate, expressed as a decimal 精品文档放心下载 ▪ t = number of periods ▪ Future value interest factor = (1 + r)t 复利终值系数精品文档放心下载 ▪ 1/(1+r) t present value factor 现值系数精品文档放心下载 ▪ For a given interest rate – the longer the time period, the lower the present value 精品文档放心下载 ▪ For a given time period – the higher the interest rate, the smaller the present value 谢谢阅读 ❖ r = (FV / PV)1/t – 1 ❖ t = ln(FV / PV) / ln(1 + r)谢谢阅读 ,. 6 Discounted Cash Flow Valuation 感谢阅读 Future and Present Values of Multiple Cash Flows 谢谢阅读 You think you will be able to deposit $4,000 at the end of each of the next three 感谢阅读 years in a bank account paying 8 percent interest. You currently have $7,000 in 精品文档放心 下载 the account. How much will you have in three years? In four years?感谢阅读 Today (year 0 CF): 3 N; 8 I/Y; -7,000 PV; CPT FV = 8,817.98 FV = 7000(1.08) 3 =谢谢阅读 8,817.98 Year 1 CF: 2 N; 8 I/Y; -4000 PV; CPT FV = 4,665.60 FV = 4,000(1.08)2 = 4,665.60 精品文档放心下载 Year 2 CF: 1 N; 8 I/Y; -4000 PV; CPT FV = 4,320 FV = 4,000(1.08) = 4,320 精品文档放心下载 Year 3 CF: value = 4,000 Total value in 3 years = 8817.98 + 4665.60 + 4320 + 4000 = 21,803.58 谢谢阅读 Value at year 4: 1 N; 8 I/Y; -21803.58 PV; CPT FV = 23,547.87 精品文档放心下载 ,. You are offered an investment that will pay you $200 in one year, $400 the next year,精品文档放心下 载 $600 the next year and $800 at the end of the