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2025-01-04 22:00 本頁面
【文章內(nèi)容簡介】 o you need to invest today? PV = 10,000 / (1.07)1 = 9345.79 Calculator 1 N 7 I/Y 10,000 FV CPT PV = 9345.79,4.16,Present Values – Example 2,You want to begin saving for you daughter’s college education and you estimate that she will need $150,000 in 17 years. If you feel confident that you can earn 8% per year, how much do you need to invest today? PV = 150,000 / (1.08)17 = 40,540.34,4.17,Present Values – Example 3,Your parents set up a trust fund for you 10 years ago that is now worth $19,671.51. If the fund earned 7% per year, how much did your parents invest? PV = 19,671.51 / (1.07)10 = 10,000,4.18,PV – Important Relationship I,For a given interest rate – the longer the time period, the lower the present value What is the present value of $500 to be received in 5 years? 10 years? The discount rate is 10% 5 years: PV = 500 / (1.1)5 = 310.46 10 years: PV = 500 / (1.1)10 = 192.77,4.19,PV – Important Relationship II,For a given time period – the higher the interest rate, the smaller the present value What is the present value of $500 received in 5 years if the interest rate is 10%? 15%? Rate = 10%: PV = 500 / (1.1)5 = 310.46 Rate = 15%。 PV = 500 / (1.15)5 = 248.58,4.20,Quick Quiz: Part 2,What is the relationship between present value and future value? Suppose you need $15,000 in 3 years. If you can earn 6% annually, how much do you need to invest today? If you could invest the money at 8%, would you have to invest more or less than at 6%? How much?,4.21,Figure 4.3,4.22,The Basic PV Equation Refresher,PV = FV / (1 + r)t There are four parts to this equation PV, FV, r and t If we know any three, we can solve for the fourth If you are using a financial calculator, be sure and remember the sign convention or you will receive an error when solving for r or t,4.23,Discount Rate,Often we will want
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