[管理學(xué)]財(cái)務(wù)管理第三章-文庫吧資料
2024-10-22 22:02本頁面
【正文】 (1 + i)(1 + i) = $1,000()() = P0 (1 + i)2 = $1,000()2 = $1, You earned an EXTRA $ in Year 2 with pound over simple interest. Future Value Single Deposit (Formula) FV1 = P0(1 + i)1 FV2 = P0(1 + i)2 General Future Value Formula: FVn = P0 (1 + i)n or FVn = P0 (FVIFi,n) – See Table I General Future Value Formula etc. FVIFi,n is found on Table I at the end of the book. Valuation Using Table I Pe riod 6% 7% 8%1 60 70 802 24 45 663 91 25 604 62 11 605 38 03 69 FV2 = $1,000 (FVIF7%,2) = $1,000 () = $1,145 [Due to Rounding] Using Future Value Tables Pe riod 6% 7% 8%1 60 70 802 24 45 663 91 25 604 62 11 605 38 03 69 Julie Miller wants to know how large her deposit of $10,000 today will bee at a pound annual interest rate of 10% for 5 years. Story Problem Example 0 1 2 3 4 5 $10,000 FV5 10% ? Calculation based on Table I: FV5 = $10,000 (FVIF10%, 5) = $10,000 () = $16,110 [Due to Rounding] Story Problem Solution ? Calculation based on general formula: FVn = P0 (1 + i)n FV5 = $10,000 (1 + )5 = $16, We will use the ―Ruleof72‖. Double Your Money!!! Quick! How long does it take to double $5,000 at a pound rate of 12% per year (approx.)? Approx. Years to Double = 72 / i% 72 / 12% = 6 Years [Actual Time is Years] The “Ruleof72” Quick! How long does it take to double $5,000 at a pound rate of 12% per year (approx.)? Assume that you need $1,000 in 2 years. Let’s examine the process to determine how much you need to deposit today at a discount rate of 7% pounded annually. 0 1 2 $1,000 7% PV1 PV0 Present Value Single Deposit (Graphic) PV0 = FV2 / (1 + i)2 = $1,000 / ()2 = FV2 / (1 + i)2 = $ 0 1 2 $1,000 7% PV0 Present Value Single Deposit (Formula) PV0 = FV1 / (1 + i)1 PV0 = FV2 / (1 + i)2 General Present Value Formula: PV0 = FVn / (1 + i)n or PV0 = FVn (PVIFi,n) – See Table II etc. General Present Value Formula PVIFi,n is found on Table II at the end of the book. Pe riod 6% 7% 8% 1 43 35 26 2 90 73 57 3 40 16 94 4 92 63 35 5 47 13 81 Valuation Using Table II PV2 = $1,000 (PVIF7%,2) = $1,000 (.873) = $873 [Due to Rounding] Pe ri od 6% 7% 8% 1 2 3 4 5 Using Present Value Tables Julie Miller wants to know how large of a deposit to make so that the money will grow to $10,000 in 5 years at a discount rate of 10%. 0 1 2 3 4 5 $10,000 PV0 10% Story Problem Example ? Calculation based on general formula: PV0 = FVn / (1 + i)n PV0 = $10,000 / (1 + )5 = $6, ? Calculation based on Table I: PV0 = $10,000
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