财务管理ChapPPT格式课件下载.ppt
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财务管理ChapPPT格式课件下载.ppt
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Interest=1000(.05)=50Valueinoneyear=principal+interest=1000+50=1050FutureValue(FV)=1000(1+.05)=1050Supposeyouleavethemoneyinforanotheryear.Howmuchwillyouhavetwoyearsfromnow?
FV=1000(1.05)(1.05)=1000(1.05)2=1102.50McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.4FutureValues:
GeneralFormulaFV=PV(1+r)tFV=futurevaluePV=presentvaluer=periodinterestrate,expressedasadecimalT=numberofperiodsFuturevalueinterestfactor=(1+r)tMcGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.5EffectsofCompoundingSimpleinterestCompoundinterestConsiderthepreviousexampleFVwithsimpleinterest=1000+50+50=1100FVwithcompoundinterest=1102.50Theextra2.50comesfromtheinterestof.05(50)=2.50earnedonthefirstinterestpaymentMcGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.6McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.7FutureValuesExample2Supposeyouinvestthe$1000fromthepreviousexamplefor5years.Howmuchwouldyouhave?
FV=1000(1.05)5=1276.3Theeffectofcompoundingissmallforasmallnumberofperiods,butincreasesasthenumberofperiodsincreases.(Simpleinterestwouldhaveafuturevalueof$1250,foradifferenceof$26.3)McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.8FutureValuesExample3Supposeyouhadarelativedeposit$10at5.5%interest200yearsago.Howmuchwouldtheinvestmentbeworthtoday?
FV=10(1.055)200=447,189.84Whatistheeffectofcompounding?
Simpleinterest=10+200(10)(.055)=210.55Compoundingadded$446,979.29tothevalueoftheinvestmentMcGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.9PresentValuesHowmuchdoIhavetoinvesttodaytohavesomeamountinthefuture?
FV=PV(1+r)tRearrangetosolveforPV=FV/(1+r)tWhenwetalkaboutdiscounting,wemeanfindingthepresentvalueofsomefutureamount.Whenwetalkaboutthe“value”ofsomething,wearetalkingaboutthepresentvalueunlesswespecificallyindicatethatwewantthefuturevalue.McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.10PresentValueOnePeriodExampleSupposeyouneed$10,000inoneyearforthedownpaymentonanewcar.Ifyoucanearn7%annually,howmuchdoyouneedtoinvesttoday?
PV=10,000/(1.07)1=9345.79McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.11PresentValuesExample2Youwanttobeginsavingforyoudaughterscollegeeducationandyouestimatethatshewillneed$150,000in17years.Ifyoufeelconfidentthatyoucanearn8%peryear,howmuchdoyouneedtoinvesttoday?
PV=150,000/(1.08)17=40,540.34McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.12PresentValuesExample3Yourparentssetupatrustfundforyou10yearsagothatisnowworth$19,671.51.Ifthefundearned7%peryear,howmuchdidyourparentsinvest?
PV=?
McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.13PresentValueImportantRelationshipIForagiveninterestratethelongerthetimeperiod,thelowerthepresentvalueWhatisthepresentvalueof$500tobereceivedin5years?
10years?
Thediscountrateis10%5years:
PV=500/(1.1)5=310.4610years:
PV=500/(1.1)10=192.77McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.14PresentValueImportantRelationshipIIForagiventimeperiodthehighertheinterestrate,thesmallerthepresentvalueWhatisthepresentvalueof$500receivedin5yearsiftheinterestrateis10%?
15%?
Rate=10%:
PV=500/(1.1)5=310.46Rate=15%;
PV=500/(1.15)5=248.58McGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.15TheBasicPVEquationPV=FV/(1+r)tTherearefourpartstothisequationPV,FV,randtIfweknowanythree,wecansolveforthefourthMcGraw-Hill/IrwinMcGraw-Hill/Irwin2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.5.16DiscountRateOftenwewillwanttoknowwhattheimpliedinte
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