ch06-Time-Value-of-Money-财务管理基础课件.ppt
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- ch06 Time Value of Money 财务管理 基础 课件
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1、6-1CHAPTER 6Time Value of MoneynFuture valuenPresent valuenAnnuitiesnRates of returnnAmortization6-2Time linesnShow the timing of cash flows.nTick marks occur at the end of periods,so Time 0 is today;Time 1 is the end of the first period(year,month,etc.)or the beginning of the second period.CF0CF1CF
2、3CF20123i%6-3Drawing time lines:$100 lump sum due in 2 years;3-year$100 ordinary annuity1001001000123i%3 year$100 ordinary annuity100012i%$100 lump sum due in 2 years6-4Drawing time lines:Uneven cash flow stream;CF0=-$50,CF1=$100,CF2=$75,and CF3=$50 100 50 750123i%-50Uneven cash flow stream6-5What i
3、s the future value(FV)of an initial$100 after 3 years,if I/YR=10%?nFinding the FV of a cash flow or series of cash flows when compound interest is applied is called compounding.nFV can be solved by using the arithmetic,financial calculator,and spreadsheet methods.FV=?012310%1006-6Solving for FV:The
4、arithmetic methodnAfter 1 year:nFV1=PV(1+i)=$100(1.10)=$110.00nAfter 2 years:nFV2=PV(1+i)2=$100(1.10)2 =$121.00nAfter 3 years:nFV3=PV(1+i)3=$100(1.10)3 =$133.10nAfter n years(general case):nFVn=PV(1+i)n6-7Solving for FV:The calculator methodnSolves the general FV equation.nRequires 4 inputs into cal
5、culator,and will solve for the fifth.(Set to P/YR=1 and END mode.)INPUTSOUTPUTNI/YRPMTPVFV3100133.10-1006-8PV=?100What is the present value(PV)of$100 due in 3 years,if I/YR=10%?nFinding the PV of a cash flow or series of cash flows when compound interest is applied is called discounting(the reverse
6、of compounding).nThe PV shows the value of cash flows in terms of todays purchasing power.012310%6-9Solving for PV:The arithmetic methodnSolve the general FV equation for PV:nPV=FVn/(1+i)nnPV=FV3/(1+i)3 =$100/(1.10)3 =$75.136-10Solving for PV:The calculator methodnSolves the general FV equation for
7、PV.nExactly like solving for FV,except we have different input information and are solving for a different variable.INPUTSOUTPUTNI/YRPMTPVFV3100100-75.136-11Solving for N:If sales grow at 20%per year,how long before sales double?nSolves the general FV equation for N.nSame as previous problems,but no
8、w solving for N.INPUTSOUTPUTNI/YRPMTPVFV3.82002-16-12What is the difference between an ordinary annuity and an annuity due?Ordinary AnnuityPMTPMTPMT0123i%PMTPMT0123i%PMTAnnuity Due6-13Solving for FV:3-year ordinary annuity of$100 at 10%n$100 payments occur at the end of each period,but there is no P
9、V.INPUTSOUTPUTNI/YRPMTPVFV310-10033106-14Solving for PV:3-year ordinary annuity of$100 at 10%n$100 payments still occur at the end of each period,but now there is no FV.INPUTSOUTPUTNI/YRPMTPVFV3101000-248.696-15Solving for FV:3-year annuity due of$100 at 10%nNow,$100 payments occur at the beginning
10、of each period.nSet calculator to“BEGIN”mode.INPUTSOUTPUTNI/YRPMTPVFV310-100364.1006-16Solving for PV:3 year annuity due of$100 at 10%nAgain,$100 payments occur at the beginning of each period.nSet calculator to“BEGIN”mode.INPUTSOUTPUTNI/YRPMTPVFV3101000-273.556-17What is the PV of this uneven cash
11、flow stream?010013002300310%-504 90.91247.93225.39-34.15530.08 =PV6-18Solving for PV:Uneven cash flow streamnInput cash flows in the calculators“CFLO”register:nCF0=0nCF1=100nCF2=300nCF3=300nCF4=-50nEnter I/YR=10,press NPV button to get NPV=$530.09.(Here NPV=PV.)6-19Solving for I:What interest rate w
12、ould cause$100 to grow to$125.97 in 3 years?nSolves the general FV equation for I.INPUTSOUTPUTNI/YRPMTPVFV380125.97-1006-20The Power of Compound InterestA 20-year-old student wants to start saving for retirement.She plans to save$3 a day.Every day,she puts$3 in her drawer.At the end of the year,she
13、invests the accumulated savings($1,095)in an online stock account.The stock account has an expected annual return of 12%.How much money will she have when she is 65 years old?6-21Solving for FV:Savings problemnIf she begins saving today,and sticks to her plan,she will have$1,487,261.89 when she is 6
14、5.INPUTSOUTPUTNI/YRPMTPVFV4512-10951,487,26206-22Solving for FV:Savings problem,if you wait until you are 40 years old to startnIf a 40-year-old investor begins saving today,and sticks to the plan,he or she will have$146,000.59 at age 65.This is$1.3 million less than if starting at age 20.nLesson:It
15、 pays to start saving early.INPUTSOUTPUTNI/YRPMTPVFV2512-1095146,00106-23Solving for PMT:How much must the 40-year old deposit annually to catch the 20-year old?nTo find the required annual contribution,enter the number of years until retirement and the final goal of$1,487,261.89,and solve for PMT.I
16、NPUTSOUTPUTNI/YRPMTPVFV2512-11,154.421,487,26206-24Will the FV of a lump sum be larger or smaller if compounded more often,holding the stated I%constant?nLARGER,as the more frequently compounding occurs,interest is earned on interest more often.Annually:FV3=$100(1.10)3=$133.10012310%100133.10Semiann
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