企業(yè)凈現(xiàn)值全面概述(英文版)-文庫吧在線文庫
【正文】 00 .05) $10,000 is the principal repayment ($10,000 1) $10,500 is the total due. It can be calculated as: $10,500 = $10,000 (). The total amount due at the end of the investment is call the Future Value (FV). The OnePeriod Case: Future Value ? In the oneperiod case, the formula for FV can be written as: FV = C1 (1 + r) Where C1 is cash flow at date 1 and r is the appropriate interest rate. The OnePeriod Case: Present Value ? If you were to be promised $10,000 due in one year when interest rates are at 5percent, your investment be worth $9, in today’s dollars. 000,10$,9$ ?The amount that a borrower would need to set aside today to to able to meet the promised payment of $10,000 in one year is call the Present Value (PV) of $10,000. Note that $10,000 = $9, (). The OnePeriod Case: Present Value ? In the oneperiod case, the formula for PV can be written as: rCPV?? 11Where C1 is cash flow at date 1 and r is the appropriate interest rate. The OnePeriod Case: Net Present Value ? The Net Present Value (NPV) of an investment is the present value of the expected cash flows, less the cost of the investment. ? Suppose an investment that promises to pay $10,000 in one year is offered for sale for $9,500. Your interest rate is 5%. Should you buy? $,9$500,9$000,10$500,9$???????NPVNPVNPVYes! The OnePeriod Case: Net Present Value In the oneperiod case, the formula for NPV can be written as: PVCostNPV ???If we had not undertaken the positive NPV project considered on the last slide, and instead invested our $9,500 elsewhere at 5percent, our FV would be less than the $10,000 the investment promised and we would be unambiguously worse off in FV terms as well: $9,500 () = $9,975 $10,000. The Multiperiod Case: Futur
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