1、Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall1ObjectiveExplain the concept of compounding and discounting and to provide examples of real lifeapplicationsCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall2Copyright 2009 Pearson Education,Inc.Publishing as Prentice Ha
2、ll3今天的20元比明天的20元更有价值，因为：Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall4Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall51 Year$1.12 Years$1.213 Years$1.3314 Years$1.4641Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall6Copyright 2009 Pearson Education
3、,Inc.Publishing as Prentice Hall7Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall8niPVFV)1(*FV with growths from-6%to+6%05001,0001,5002,0002,5003,0003,50002468101214161820YearsFuture Value of$10006%4%2%0%-2%-4%-6%Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall9 Your
4、bank offers a CD with an interest rate of 3%for a 5 year investment.You wish to invest$1,500 for 5 years,how much will your investment be worth?91111.1738$)03.01(*1500$)1(*5niPVFVn5i3%PV1,500FV?Result 1738.911111Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall10 一笔投资在价值上翻倍所需年数为72除以年利
5、率的100倍。Doubling Time=72Interest Rate*100Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall11nnnniFViFVPViiPVFV)1(*)1(:obtain to)1(by sidesboth Divide)1(*Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall12 today55.293,34$55281.34293)08.01(000,40)1(2niFVPVCopyright 2009 Pe
6、arson Education,Inc.Publishing as Prentice Hall13Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall141)1()1()1(*nnnnPVFViPVFViiPVFViPVFVCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall15point)basisnearest the(to%18.7071773463.012121150003000011011010nPVFViCopyright 2009
7、 Pearson Education,Inc.Publishing as Prentice Hall16iPVFViPVFVniniPVFViPVFViPVFVnnn1lnlnln1lnln1ln*)1(lnln)1()1(*Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall17Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall18Copyright 2009 Pearson Education,Inc.Publishing as Pren
8、tice Hall19Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall20Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall21A n n u a lP e r c e n t a g er a t eF r e q u e n c y o fC o m p o u n d in gA n n u a lE f f e c t iv e R a t e1 811 8.0 01 821 8.8 11 841 9.2 51 81 21 9.5
9、 61 85 21 9.6 81 83 6 51 9.7 2Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall22111mkmmmemkLimEFFCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall23Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall24Copyright 2009 Pearson Education,Inc.Publishing as Pren
10、tice Hall2511*111111mmEFFmkEFFmkmkEFFmmmmCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall26A n n u a lE f f e c t i v e R a t eC o mp o u n d i n gF r e q u e n c yA n n u a lP e r c e n t a g eR a t e1 211 2.0 01 221 1.6 61 241 1.4 91 21 21 1.3 91 25 21 1.3 51 23 6 51 1.3 31 2I n f
11、i n i t y1 1.3 3Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall27Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall28Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall29 Time Lines Future Value of a Stream of Cash Flow Present Value of a Stream of Cash Fl
12、ows Investing with Multiple Cash FlowsCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall30Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall31Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall32Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall
13、33Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall34Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall35Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall36Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall37nnipmtipmtipmtipmtipmtPV111111321C
14、opyright 2009 Pearson Education,Inc.Publishing as Prentice Hall381111111111*1321nniiiiipmtPVCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall391111111111*)1(*)1(*1321nniiiiiipmtiPVCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall40nnnnnnnnipmtiiiiipmtipmtiiiiiiipmtiPV11
15、1111111111*11*11111111111111*)1(*1221012210Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall41nnnniipmtiipmtPVipmtpmtPViPVipmtPVipmtiPV111*111*11)1(*1111*)1(*0Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall42nniipmtiipmtPV111*111*Copyright 2009 Pearson Education,Inc.P
16、ublishing as Prentice Hall43nnniiPVpmtiipmtiipmtPV11*11*111*Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall44ipmtiPVnpmtiPVinpmtiPViipmtiPViipmtPVnnn1ln*1ln*1ln1ln*;*1111*;11*Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall45Copyright 2009 Pearson Education,Inc.Publi
17、shing as Prentice Hall461)1(*)1(*11*)1(*1 nnregdueiiipmtiiipmtiPVPVCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall4711*1*111*FVsum)(lump 1*FVannuity)(reg.111*nnnnniipmtiiipmtiPViipmtPVCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall4811*11*nniiFVpmtiipmtFVCopyright 2
18、009 Pearson Education,Inc.Publishing as Prentice Hall49ipmtiFVnpmtiFViniipmtiFViipmtFVnnn1ln*1ln*1ln1ln*1ln1*111*Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall50Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall51niipmtPV111*Let n-infinity with i 0:ipmtPV Copyright 20
19、09 Pearson Education,Inc.Publishing as Prentice Hall52Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall53Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall54500,13$03.0*)1.01(*500000$Points000,450$)1.01(*500000$LoanCopyright 2009 Pearson Education,Inc.Publishing as Prent
20、ice Hall55niPVFV PMTResult360 0.5%450,0000?-2,697.98This is the monthly repaymentCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall56Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall57Amortization of Principal0.0050000.00100000.00150000.00200000.00250000.00300000.0035000
21、0.00400000.00450000.00024487296120144168192216240264288312336360MonthsOutstanding BalanceCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall58Percent of Interest and Principal0%10%20%30%40%50%60%70%80%90%100%024487296120144168192216240264288312336360MonthsPercent%Interest%PrincipalCopyr
22、ight 2009 Pearson Education,Inc.Publishing as Prentice Hall59Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall60$10,000$11,000 1,000,0001,030,000Time10%$/$(direct)0.01$/3%/?$/U.S.A.JapanCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall61Copyright 2009 Pearson Education,
23、Inc.Publishing as Prentice Hall62$10,000$11,124$11,000 1,000,0001,030,000Time10%$/$(direct)0.01$/3%/0.0108$/U.S.A.JapanCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall63Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall64$10,000$10,918$11,000 1,000,0001,030,000Time10%$/
24、$(direct)0.01$/3%/0.0106$/U.S.A.JapanCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall65Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall66$10,000$11,000$11,000 1,000,0001,030,000Time10%$/$(direct)0.01$/3%/0.01068$/U.S.A.JapanCopyright 2009 Pearson Education,Inc.Publish
25、ing as Prentice Hall67Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall68Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall69Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall70Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall71Copyright 2009
26、 Pearson Education,Inc.Publishing as Prentice Hall72rriiriinrnr1111Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall73%86.20286.005.105.008.01111rnrnrirriiriiCopyright 2009 Pearson Education,Inc.Publishing as Prentice Hall74Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall75Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall76Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall77Copyright 2009 Pearson Education,Inc.Publishing as Prentice Hall78
