货币的时间价值.ppt

* * * * * * * * * * Using Logarithms to Find Number of Period (t) Basic properties of logarithms useful in finance * Finding the Number of Periods Start with basic equation and solve for t * Number of Periods: Example 1 You want to purchase a new car and you are willing to pay $200,000. If you can earn 10% per year and you currently have $150,000, how long will it take for you to have enough money to pay cash for the car? t = ln(200,000 / 150,000) / ln(1.1) = 3.02 years Using financial calculator PV = -$150,000 FV = $200,000 I/Y = 10 CPT N = 3.02 years * Number of Periods: Example 2 Suppose you want to buy a new car, which costs about $150,000. Suppose that buying a car you need to put 10% down and pay 5% for options, etc. The rest you plan to finance with a car loan. You currently have $15,000 in the saving account, which earns 7.5% per year. How long will it be before you have enough money for the down payment and fees? * Number of Periods: Example 2 How much do you need to have in the future? Down payment = .1($150,000) = $15,000 Fees = .05($150,000 – $15,000) = $6,750 Total needed = $15,000 + $6,750 = $21,750 Using the formula t = ln(21,750 / 15,000) / ln(1.075) = 5.14 years Using financial calculator PV = -$15,000 FV = $21,750 I/Y = 7.5 CPT N = 5.14 years * Summary: Table 4.4 * Learning Objectives compute the future value of an investment made today present value of cash to be received at some future date rate of return on an investment amount of time required for an investment to grow to a given value at a specified rate of interest * * * * * * * * * * * * * * * * * * * * * * * * * Chapter 3 Time Value of Money * Learning Objectives Compute the future value of an investment made today present value of cash to be received at some future date rate of return on an investment amount of time required for an investment to grow to a given value at a specified rate of interest * Time Value of Money Single Cash Flow FV Compounding PV Discounting Discount Rate