貨幣時(shí)間價(jià)值英語ppt課件(參考版)
2025-05-06 18:22本頁面
【正文】 The Time Value of Money What is Time Value? ? We say that money has a time value because that money can be invested with the expectation of earning a positive rate of return ? In other words, “a dollar received today is worth more than a dollar to be received tomorrow” ? That is because today?s dollar can be invested so that we have more than one dollar tomorrow The Terminology of Time Value ? Present Value An amount of money today, or the current value of a future cash flow ? Future Value An amount of money at some future time period ? Period A length of time (often a year, but can be a month, week, day, hour, etc.) ? Interest Rate The pensation paid to a lender (or saver) for the use of funds expressed as a percentage for a period (normally expressed as an annual rate) Abbreviations ? PV Present value ? FV Future value ? Pmt Per period payment amount ? N Either the total number of cash flows or the number of a specific period ? i The interest rate per period Timelines 0 1 2 3 4 5 PV FV Today ?A timeline is a graphical device used to clarify the timing of the cash flows for an investment ?Each tick represents one time period Calculating the Future Value ? Suppose that you have an extra $100 today that you wish to invest for one year. If you can earn 10% per year on your investment, how much will you have in one year? 0 1 2 3 4 5 100 ? ? ?FV 1 100 1 0 10 110? ? ?.Calculating the Future Value (cont.) ? Suppose that at the end of year 1 you decide to extend the investment for a second year. How much will you have accumulated at the end of year 2? 0 1 2 3 4 5 110 ? ? ?? ?? ?FVorFV222100 1 0 10 1 0 10 121100 1 0 10 121? ? ? ?? ? ?. ..Generalizing the Future Value ? Recognizing the pattern that is developing, we can generalize the future value calculations as follows: ? ?FV PV iN N? ?1? If you extended the investment for a third year, you would have: ? ?FV 3 3100 1 0 10 133 10? ? ?. .Compound Interest ? Note from the example that the future value is increasing at an increasing rate ? In other words, the amount of interest earned each year is increasing – Year 1: $10 – Year 2: $11 – Year 3: $ ? The reason for the increase is that each year you are earning interest on the interest that was earned in previous years in addition to the interest on the original principle amount Compound Interest Graphically 0500100015002022250030003500400045000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20Y e ar sFuture Value5%10%15%20%The Magic of Compounding
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