貨幣時(shí)間價(jià)值英語ppt課件-文庫吧資料
2025-05-09 18:22本頁面
【正文】 ? On Nov. 25, 1626 Peter Minuit, a Dutchman, reportedly purchased Manhattan from the Indians for $24 worth of beads and other trinkets(珠子和其他飾品 ). Was this a good deal for the Indians? ? This happened about 371 years ago, so if they could earn 5% per year they would now (in 1997) have: ? If they could have earned 10% per year, they would now have: $54 ,562,8 9 8,811 ,973, 500 .00 = 24(1 .10) 371$1,743,577 , = 24() 371That?s about 54,563 Trillion(萬億 ) dollars! The Magic of Compounding (cont.) ? The Wall Street Journal (17 Jan. 92) says that all of New York city real estate is worth about $324 billion. Of this amount, Manhattan is about 30%, which is $ billion ? At 10%, this is $54,562 trillion! Our . GNP is only around $6 trillion per year. So this amount represents about 9,094 years worth of the total economic output of the USA! . Calculating the Present Value ? So far, we have seen how to calculate the future value of an investment ? But we can turn this around to find the amount that needs to be invested to achieve some desired future value: ? ?PVFViNN? ?1Present Value: An Example ? Suppose that your fiveyear old daughter has just announced her desire to attend college. After some research, you determine that you will need about $100,000 on her 18th birthday to pay for four years of college. If you can earn 8% per year on your investments, how much do you need to invest today to achieve your goal? ? ?PV ? ?100 0001 08769 7913,.$36 , .Annuities ? An annuity is a series of nominally equal payments equally spaced in time(等時(shí)間間隔 ) ? Annuities are very mon: – Rent – Mortgage payments – Car payment – Pension ine ? The timeline shows an example of a 5year, $100 annuity 0 1 2 3 4 5 100 100 100 100 100 The Principle of Value Additivity ? How do we find the value (PV or FV) of an annuity? ? First, you must understand the principle of value additivity: – The value of any stream of cash flows is equal to the sum of the values of the ponents ? In other words, if we can move the cash flows to the same time period we can simply add them all together to get the total value ? 價(jià)值相加 Present Value of an Annuity ? We can use the principle of value additivity to find the present value of an annuity, by simply summing the present values of each of the ponents: ? ? ? ? ? ? ? ?PV PmtiPmtiPmtiPmtiAtttNNN? ? ? ? ? ? ? ? ? ? ? ??? 1 1 1 111122Present Value of an Annuity (cont.) ? Using the example, and assuming a discount rate of 10% per year, we find that the present value is: ? ? ? ? ? ? ? ? ? ?PV A ? ?
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