彼得羅斯公司理財(cái)cap(10)(參考版)
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【正文】 15 ? 5010.?5 ??PV431 Growing Perpetuity A growing stream of cash flows that lasts forever 0 … 1 C 2 C (1+g) 3 C (1+g)2 ???????????? 322 )1()1()1()1()1( rgCrgCrCPVgrCPV??432 Growing Perpetuity: Example The expected dividend next year is $, and dividends are expected to grow at 5% forever. If the discount rate is 10%, what is the value of this promised dividend stream? 0 … 1 $ 2 $ () 3 $ ()2 $.$ ???PV433 Annuity A constant stream of cash flows with a fixed maturity 0 1 C 2 C 3 C TrCrCrCrCPV)1()1()1()1( 32 ???????? ?????????? TrrCPV)1(11T C ?434 Annuity: Example If you can afford a $400 monthly car payment, how much car can you afford if interest rates are 7% on 36month loans? 0 1 $400 2 $400 3 $400 ,12$)(1112/07.400$36 ??????????PV36 $400 ?435 What is the present value of a fouryear annuity of $100 per year that makes its first payment two years from today if the discount rate is 9%? 9 7$ 2 7$0 ??PV0 1 2 3 4 5 $100 $100 $100 $100 $ $ $)( 100$)( 100$)( 100$)( 100$)( 100$ 4321411 ?????? ??t tPV2436 Growing Annuity A growing stream of cash flows with a fixed maturity 0 1 C TTrgCrgCrCPV)1()1()1()1()1(12 ??????????????????????????????????TrggrCPV)1(11?2 C (1+g) 3 C (1+g)2 T C (1+g)T1 437 Growing Annuity: Example A definedbenefit retirement plan offers to pay $20,000 per year for 40 years and increase the annual payment by 3% each year. What is the present value at retirement if the discount rate is 10%? 0 1 $20,000 ,265$1.000,20$40??????????????????PV?2 $20,000 () 40 $20,000 ()39 438 Growing Annuity: Example You are evaluating an ine generating property. Net rent is received at the end of each year. The first year39。15 2 163。%. ? This is equivalent to a loan with an annual interest rate of %. 1 9 5 )( 1212???????? ???????? ? mmr426 EAR on a Financial Calculator keys: description: [2nd] [ICONV] Opens interest rate conversion menu [↓] [EFF=] [CPT] Texas Instruments BAII Plus [↓][NOM=] 18 [ENTER] Sets 18 APR. [↑] [C/Y=] 12 [ENTER] Sets 12 p
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