[管理學]財務(wù)管理第三章-在線瀏覽
2024-12-03 22:02本頁面
【正文】 R (FVIFAi%,n)(1 + i) FVAD3 = $1,000 (FVIFA7%,3)() = $1,000 ()() = $3,440 Pe riod 6% 7% 8%1 00 00 002 60 70 803 84 15 464 75 40 065 37 51 67Valuation Using Table III PVAn = R/(1 + i)1 + R/(1 + i)2 + ... + R/(1 + i)n R R R 0 1 2 n n+1 PVAn R = Periodic Cash Flow i% . . . Overview of an Ordinary Annuity – PVA Cash flows occur at the end of the period PVA3 = $1,000/()1 + $1,000/()2 + $1,000/()3 = $ + $ + $ = $2, $1,000 $1,000 $1,000 0 1 2 3 4 $2, = PVA3 7% $ $ $ Example of an Ordinary Annuity – PVA Cash flows occur at the end of the period The present value of an ordinary annuity can be viewed as occurring at the beginning of the first cash flow period, whereas the future value of an annuity due can be viewed as occurring at the end of the first cash flow period. Hint on Annuity Valuation PVAn = R (PVIFAi%,n) PVA3 = $1,000 (PVIFA7%,3) = $1,000 () = $2,624 Pe riod 6% 7% 8%1 43 35 262 33 08 833 73 24 774 65 87 125 12 00 93Valuation Using Table IV PVADn = R/(1 + i)0 + R/(1 + i)1 + ... + R/(1 + i)n–1 = PVAn (1 + i) R R R R 0 1 2 n–1 n PVADn R: Periodic Cash Flow i% . . . Overview of an Annuity Due – PVAD Cash flows occur at the beginning of the period PVADn = $1,000/()0 + $1,000/()1 + $1,000/()2 = $2, $1, $1,000 $1,000 0 1 2 3 4 $2, = PVADn 7% $ $ Example of an Annuity Due – PVAD Cash flows occur at the beginning of the period PVADn = R (PVIFAi%,n)(1 + i) PVAD3 = $1,000 (PVIFA7%,3)() = $1,000 ()() = $2,808 Pe riod 6% 7% 8%1 43 35 262 33 08 833 73 24 774 65 87 125 12 00 93Valuation Using Table IV 1. Read problem thoroughly 2. Create a time line 3. Put cash flows and arrows on time line 4. Determine if it is a PV or FV problem 5. Determine if solution involves a single CF, annuity stream(s), or mixed flow 6. Solve the problem 7. Check with financial calculator (optional) Steps to Solve Time Value of Money Problems Julie Miller will receive the set of cash flows below. What is the Present Value at a discount rate of 10%. 0 1 2 3 4 5 $600 $600 $400 $400 $100 PV0 10% Mixed Flows Example 0 1 2 3 4 5 $600 $600 $400 $400 $100 10% $ $ $ $ $ $ = PV0 of the Mixed Flow 0 1 2 3 4 5 $600 $600 $400 $400 $100 10%
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