【正文】
? example ? 特殊的年金( 3) ——不規(guī)則年金( the infrequent annuity) ? Example ? 讓兩筆年金相等 ? example (四)增長(zhǎng)年金( growing annuity) ? Example ?????????????????????Tr1g1gr1gr1CPV 四、企業(yè)的價(jià)值評(píng)估 ? NPV法來(lái)評(píng)估企業(yè)價(jià)值或項(xiàng)目?jī)r(jià)值,要明確項(xiàng)目的回報(bào)率。 date 1 = end of year 1。 ACF=33 ? 問題 :為什么數(shù)字結(jié)果不同 ? ?閱讀文獻(xiàn): Ross, Corporate Finance, (6th edition) , Chapter 2 第六部分 ?資本預(yù)算與凈現(xiàn)值法 ? 一、貨幣的時(shí)間價(jià)值、現(xiàn)值與終值 ? Future value ? Present value ? Net present value of investment NPV= Cost + PV ? Simple interest ? Compound interest ? “Money makes money and the money that money makes makes more money.”Benjamin Franklin ? 1. Future value of an investment Compounding ? 2. Present value of an investment ? Discounting T0 )r1(CFV ???TT)r1(CPV?? ? 3. 多期( T期)投資項(xiàng)目的凈現(xiàn)值 ?? ???????