企業(yè)凈現(xiàn)值全面概述(英文版)(編輯修改稿)
2025-02-06 03:09 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 What rate of interest must you earn on your investment to cover the cost of your child’s education? About %. What Rate Is Enough? TrCFV )1(0 ??? 12)1(000,5$000,50$ r???10000,5$ 000,50$)1( 12 ??? r12110)1( ?? r 121 ?????r Compounding Periods Compounding an investment m times a year for T years provides for future value of wealth: TmmrCFV ??????? ??? 10For example, if you invest $50 for 3 years at 12% pounded semiannually, your investment will grow to $)(50$2$ 632 ????????? ??? ?FVEffective Annual Interest Rates A reasonable question to ask in the above example is what is the effective annual rate of interest on that investment? The Effective Annual Interest Rate (EAR) is the annual rate that would give us the same endofinvestment wealth after 3 years: $)(50$)(50$ 632 ?????? ?FV$)1(50$ 3 ??? EA REffective Annual Interest Rates (continued) So, investing at % pounded annually is the same as investing at 12% pounded semiannually. $)1(50$ 3 ???? EA RFV 50$$)1( 3 ?? EA R 50$93.$ 31 ?????????EA RContinuous Compounding (Advanced) ? The general formula for the future value of an investment pounded continuously over many periods can be written as: FV = C0 erT Where C0 is cash flow at date 0, r is the stated annual interest rate, T is the number of periods over which the cash is invested, and e is a transcendental number approximately equal to . ex is a key on your calculator. Simplifications ? Perpetuity – A constant stream of cash flows that lasts forever. ? Growing perpetuity – A stream of cash flows that grows at a constant rate forever. ? Annuity – A stream of constant cash flows that lasts for a fixed number of periods. ? Growing annuity – A stream of cash flows that grows at a constant rate for a f
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