[經(jīng)濟(jì)學(xué)]公司理財(cái)?shù)诰虐?第6章-文庫(kù)吧資料
2025-01-25 16:20本頁面
【正文】 Year 3 CF: 600 / ()3 = – Year 4 CF: 800 / ()4 = – Total PV = + + + = 1, 6F8 Example Timeline 0 1 2 3 4 200 400 600 800 1, 6F9 Multiple Cash Flows Using a Spreadsheet ? You can use the PV or FV functions in Excel to find the present value or future value of a set of cash flows ? Setting the data up is half the battle – if it is set up properly, then you can just copy the formulas ? Click on the Excel icon for an example 6F10 Multiple Cash Flows – PV Another Example 求多期現(xiàn)值 ? You are considering an investment that will pay you $1,000 in one year, $2,000 in two years and $3000 in three years. If you want to earn 10% on your money, how much would you be willing to pay? – PV = 1000 / ()1 = – PV = 2022 / ()2 = 1, – PV = 3000 / ()3 = 2, – PV = + 1, + 2, = 4, 6F11 Multiple Uneven Cash Flows – Using the Calculator ? Another way to use the financial calculator for uneven cash flows is to use the cash flow keys 計(jì)算器 – Press CF and enter the cash flows beginning with year 0. – You have to press the “Enter” key for each cash flow – Use the down arrow key to move to the next cash flow – The “F” is the number of times a given cash flow occurs in consecutive periods – Use the NPV key to pute the present value by entering the interest rate for I, pressing the down arrow and then pute – Clear the cash flow keys by pressing CF and then CLR Work 6F12 Decisions, Decisions ? Your broker （經(jīng)紀(jì)人） calls you and tells you that he has this great investment opportunity. If you invest $100 today, you will receive $40 in one year and $75 in two years. If you require a 15% return on investments of this risk, should you take the investment? – Use the CF keys to pute the value of the investment ? CF。 C01 = 40。 C02 = 75。 I = 15。 CF0 = 0。 F01 = 39。 F02 = 5。 I = 12。 F01 = 39) The cash flows in years 40 – 44 are 25,000 (C02 = 25,000。 Years 2 and 3 CFs = $200。 1 I/Y。 CPT PV = 23, ($24,000) ? Formula: ,2301.)(1163248????????????? ??PV6F20 Annuity – Sweepstakes Example ? Suppose you win the Publishers Clearinghouse $10 million sweepstakes. The money is paid in equal annual installments of $333, over 30 years. If the appropriate discount rate is 5%, how much is the sweepstakes actually worth today? – PV = 333,[1 – 1/] / .05 = 5,124, 6F21 Buying a House ? You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000, and the bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly ine. The interest rate on the loan is 6% per year with monthly pounding (.5% per month) for a 30year fixed rate loan. ? How much money will the bank loan you? How much can you offer for the house? 6F22 Buying a House Continued ? Bank loan – Monthly ine = 36,000 / 12 = 3,000 每月薪水 – Maximum payment = .28(3,000) = 840 – PV = 840[1 – 1/] / .005 = 140,105 貸款總額 ? Total Price – Closing costs = .04(140,105) = 5,604 – Down payment = 20,000 – 5604 = 14,396 – Total Price = 140,105 + 14,396 = 154,501 – 貸款 +首付 6F23 Annuities on the Spreadsheet Example ? The present value and future value formulas in a spreadsheet include a place for annuity payments ? Click on the Excel icon to see an example 6F24 Quick Quiz – Part II ? You know the payment amount for a loan, and you want to know how much was borrowed. Do you pute a present value or a future value? ? You want to receive 5,000 per month in retirement. If you can earn % per month and you expect to need the ine for 25 years, how much do you need to have in your account at retirement? 6F25 Finding the Payment ? Suppose you want to borrow $20,000 for a new car. You can borrow at 8% per year, pounded monthly (8/12 = .66667% per month). If you take a 4 year loan, what is your monthly payment? – 20,000 = C[1 – 1 / ] / .0066667 – C = 6F26 Finding the Payment on a Spreadsheet
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1