企業(yè)凈現(xiàn)值全面概述(英文版)-文庫吧資料
2025-01-23 03:09本頁面
【正文】 ly, a firm should be worth the present value of the firm’s cash flows. ? The tricky part is determining the size, timing and risk of those cash flows. Summary and Conclusions ? Two basic concepts, future value and present value are introduced in this chapter. ? Interest rates are monly expressed on an annual basis, but semiannual, quarterly, monthly and even continuously pounded interest rate arrangements exist. ? The formula for the present value of an investment that pays $C for N periods is: ?? ?????????????NttN rCCrCrCrCCNPV1020 )1()1()1()1( ? Summary and Conclusions (continued) ? We presented four simplifying formulae: rCPV ? :Perpe tuit ygrCPV??:Perpetuit y Growing ????????? TrrCPV)1(11:Annu it y?????????????????????TrggrCPV)1(11 :Annu it y GrowingHow do you get to Carnegie Hall? ? Practice, practice, practice. ? It’s easy to watch Olympic gymnasts and convince yourself that you are a leotard purchase away from a triple back flip. ? It’s also easy to watch your finance professor do time value of money problems and convince yourself that you can do them too. ? There is no substitute for getting out the calculator and flogging the keys until you can do these correctly and quickly. 。15 2 163。Chapter Outline The OnePeriod Case The Multiperiod Case Compounding Periods Simplifications What Is a Firm Worth? Summary and Conclusions The OnePeriod Case: Future Value ? If you were to invest $10,000 at 5percent interest for one year, your investment would grow to $10,500 $500 would be interest ($10,000 .05) $10,000 is the principal repayment ($10,000 1) $10,500 is the total due. It can be calculated as: $10,500 = $10,000 (). The
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