兹维博迪金融学第二版课件Chapter04.ppt
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- 兹维博迪 金融学 第二 课件 Chapter04
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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 Prent
2、ice Hall3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 Pears
3、on Education, 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
4、as Prentice Hall9 Your 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 Prent
5、ice Hall10 一笔投资在价值上翻倍所需年数为72除以年利率的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$55281.34
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8、ice Hall18Copyright 2009 Pearson Education, Inc. Publishing as Prentice 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
9、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 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,
10、Inc. Publishing as Prentice Hall24Copyright 2009 Pearson Education, Inc. Publishing as Prentice 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
11、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 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. Pu
12、blishing as Prentice Hall29 Time Lines Future Value of a Stream of Cash Flow Present Value of a Stream of Cash Flows Investing with Multiple Cash FlowsCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall30Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall31Copyright 200
13、9 Pearson Education, Inc. Publishing as Prentice Hall32Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall33Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall34Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall35Copyright 2009 Pearson Education, Inc. Pu
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