公司財(cái)務(wù)-a-time-value-of-money(編輯修改稿)
2025-02-10 18:01 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 Notice that the dividend in year five, $, is considerably higher than the sum of the original dividend plus five increases of 40percent on the original $ dividend: $ $ + 5 [$ .40] = $ This is due to pounding. Future Value and Compounding 0 1 2 3 4 5 $3)($ ?$)($ ?$2)($ ?$5)($ ?$4)($ ?$Present Value and Compounding ? How much would an investor have to set aside today in order to have $20,000 five years from now if the current rate is 15%? 0 1 2 3 4 5 $20,000 PV 5)(0 0 0,20$ 4 3,9$ ?If we deposit $5,000 today in an account paying 10%, how long does it take to grow to $10,000? TrCFV )1(0 ??? T)(000,5$000,10$ ??2021,5$ 000,10$)( ??T2ln) ( ?Ty e a r s 9 5 6 9 3 ) n ( 2ln ???THow Long is the Wait? Assume the total cost of a college education will be $50,000 when your child enters college in 12 years. You have $5,000 to invest today. What rate of interest must you earn on your investment to cover the cost of your child’s education? TrCFV )1(0 ??? 12)1(0 0 0,5$0 0 0,50$ r???100 0 0,5$ 0 0 0,50$)1( 12 ??? r 12110)1( ?? r2 1 1 1 1 121 ?????rAbout %. What Rate Is Enough? Special Considerations in TVM ? Annuity ? Perpetuity ? Growing perpetuity ? Intra year pounding Annuities ? A series of equal cashflows over a specified number of periods ? Ordinary annuities : Payments start at the end of the current period. ? Future value of an annuity (FVIFAi,n) ? Present value of an annuity (PVIFAi,n) Perpetuity ? Equal cashflows which continue forever ? Perpetual bonds. Preferred stock ? British railroad bonds Growing Perpetuity ? A perpetuity that grows at a constant rate per annum ? Growth rate of panies ? Inflation Perpetuity A constant stream of cash flows that lasts forever. 0 … 1 C 2 C 3 C The formula for the present value of a perpetuity is: ???????? 32)1()1()1( rCrCrCPVrCPV ?Perpetuity What is the value of a British consol that promises to pay 163。15 each year, every year until the sun turns into a red giant and burns the pla to a crisp? The interest rate is 10percent. 0 … 1 163。15 2 163。15 3 163。15 ? 5010
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