货币时间价值：单笔金额与年金现值计算示例.pdfVIP

TIMEVALUEOFMONEY

PresentValue

Presentvalueofalumpsum

1

PV=FV*PVIF=FV*

k,TT

(1+k)

Example1:Findthepresentvalueofa$100cashflowthatistobereceived5yearsfromnowif

theinterestrateequals10%.

012345

PV100

PresentValueFutureValuePVIF(10%,5)

$62.09$1000.620921

PV=100*PVIF10%,5=100/(1.1)5=62.09

CalculatorInputs

n=5i=10%PV=?PMT=0FV=100

Excel=PV(rate,nper,pmt,fv,type)Type=0endofperiod(default);

=PV(10%,5,0,100)1beginningofperiod

年金的现值

注：一个年金是一系列在固定时间间隔（如每月或每年）发生的等额现金流。

T1

PV=PMT*PVIFA=PMT*

,

kTt

t=1(1+k)

1

1−

T

()1