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【正文】 illing to pay $20,000. If you can invest at 10% per year and you currently have $15,000, how long will it be before you have enough money to pay cash for the car? t = ln(20,000 / 15,000) / ln(1.1) = 3.02 years,4.30,Number of Periods – Example 2,Suppose you want to buy a new house. You currently have $15,000 and you figure you need to have a 10% down payment plus an additional 5% in closing costs. If the type of house you want costs about $150,000 and you can earn 7.5% per year, how long will it be before you have enough money for the down payment and closing costs?,4.31,Example 2 Continued,How much do you need to have in the future? Down payment = .1(150,000) = 15,000 Closing costs = .05(150,000 – 15,000) = 6,750 Total needed = 15,000 + 6,750 = 21,750 Compute the number of periods PV = 15,000 FV = 21,750 I/Y = 7.5 CPT N = 5.14 years Using the formula t = ln(21,750 / 15,000) / ln(1.075) = 5.14 years,4.32,Example: Spreadsheet Strategies,Use the following formulas for TVM calculations FV(rate,nper,pmt,pv) PV(rate,nper,pmt,fv) RATE(nper,pmt,pv,fv) NPER(rate,pmt,pv,fv) The formula icon is very useful when you can’t remember the exact formula Click on the Excel icon to open a spreadsheet containing four different examples.,4.33,Work the Web Example,Many financial calculators are available online Click on the web surfer to go to Cigna’s web site and work the following example: You need $40,000 in 15 years. If you can earn 9.8% interest, how much do you need to invest today? You should get $9,841,4.34,Table 4.4,4.35,Quick Quiz: Part 4,When might you want to compute the number of periods? Suppose you want to buy some new furniture for your family room. You currently have $500 and the furniture you want costs $600. If you can earn 6%, how long will you have to wait if you don’t add any additional money
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