university_of_saskatchewan公司財務(wù)導(dǎo)論(金融學(xué))e-資料下載頁
2025-01-04 10:13本頁面
【正文】 =8%, T = ? Set this up as present value (or future value) equation and solve for T. Fall 2021 COMM 203 19 The Rule of 72 ? The “Rule of 72” is a handy rule of thumb that states the following: If you earn r % per year, your money will double in about 72/r % years. ? At higherthannormal rates, the rule breaks down. What if r = 72%? ? FVIF(72,1) = , not And if r = 36% ? FVIF(36,2) = Fall 2021 COMM 203 20 Quick Quiz Now let’s see what you remember! 1. Which of the following statements is/are true? ? Given r and t greater than zero, future value interest factors FVIF(r,t ) are always greater than . ? Given r and t greater than zero, present value interest factors PVIF(r,t ) are always less than . 2. True or False: For given levels of r and t, PVIF(r,t ) is the reciprocal of FVIF(r,t ). 3. All else equal, the higher the discount rate, the (lower/higher) the present value of a set of cash flows. Fall 2021 COMM 203 21 Sample Problem ? Imprudential, Inc. has an unfunded pension liability of $425 million that must be paid in 20 years. To assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 8 percent, what is the present value of this liability? Future value = FV = $425 million t = 20 r = 8 percent Present value = ? ? Solution: Set this up as a present value problem. PV = $425 million ? PVIF(8,20) PV = $91,182, or about $ million
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號-1