投資資金的時間價值(完整版)
【正文】 PVA例$1,000 $1,000 $1,0000 1 2 3 4$2, = PVA3年末7%$$ $340PVAn = R (PVIFAi%,n) PVA3 = $1,000 (PVIFA7%,3) = $1,000 () = $2,624查表計算341PVADn = R/(1+i)0 + R/(1+i)1 + ... + R/(1+i)n1 = PVAn (1+i)先付年金現(xiàn)值 PVAD R R R0 1 2 n n+1PVADnR: 每年現(xiàn)金流年初i% . . .342PVADn = $1,000/()2 + $1,000/()1 + $1,000/()0 = $2,先付年金 PVAD例$1, $1,000 $1,0000 1 2 3 4PVADn=$2,年初7%$ $ 343PVADn = R (PVIFAi%,n)(1+i) PVAD3 = $1,000 (PVIFA7%,3)() = $1,000 ()() = $2,808查表計算3441. 全面閱讀問題2. 決定是 PV 還是 FV3. 畫一條時間軸4. 將現(xiàn)金流的箭頭標示在時間軸上5. 決定問題是單個的現(xiàn)金流、年金或混合現(xiàn)金流6. 年金的現(xiàn)值不等于項目的現(xiàn)值（記不變的東西）7. 解決問題解決資金時間價值問題的步驟345Julie Miller 將得到現(xiàn)金流如下 . 按 10%折折現(xiàn)現(xiàn) 的 P V是多少？混合現(xiàn)金流 Example 0 1 2 3 4 5 $600 $600 $400 $400 $100PV010%346單個現(xiàn)金流 0 1 2 3 4 5 $600 $600 $400 $400 $10010%$$$$$ $ = PV0 347分組年金 ?(1) 0 1 2 3 4 5 $600 $600 $400 $400 $10010%$1,$ $ $1, = PV0 [查表查表 ]$600(PVIFA10%,2) = $600() = $1,$400(PVIFA10%,2)(PVIF10%,2) = $400()() = $$100 (PVIF10%,5) = $100 () = $348分組年金 ? (2) 0 1 2 3 4 $400 $400 $400 $400PV0 =$
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