Escolar Documentos
Profissional Documentos
Cultura Documentos
Time Value of
Money
LG1
, ,
.
LG2
,
.
LG3
.
.
2012 Pearson Prentice Hall. All rights reserved.
5-2
LG4
.
LG5
.
LG6 . (1)
, (2)
, (3)
, (4)
2012 Pearson Prentice Hall. All rights reserved.
5-3
.
.
:
2
.
$1,000 , ?
$1,100 .
? ?
2012 Pearson Prentice Hall. All rights reserved.
5-4
.
, $1,000-
12%
1000$- .
, 5
1100$ .
5-5
vs
$15,000
5 $17,000
:
$3,000
$5,000
$4,000
$3,000
$2,000
?
.
2012 Pearson Prentice Hall. All rights reserved.
5-6
5.1
5-7
5.2
5-8
5.3
5-9
.
3 : ,
.
5-10
.
.
.
.
2012 Pearson Prentice Hall. All rights reserved.
5-11
.
$100- 8
?
= $100 (1 + 0.08) = $108
?
= $100 (1 + 0.08) (1 +
0.08) = $116.64
5-12
: -
//
:
FVn = n .
PV = .
r = (: I
.)
n = ( )
- .
FVn = PV (1 + r)n
5-13
: -
//
Jane Farber $800- 8 .
5
.
FV5 = $800 (1 + 0.06)5 = $800 (1.33823) = $1,070.58
:
5-14
5-15
5.4
5-16
.
.
.
.
,
, ,
.
2012 Pearson Prentice Hall. All rights reserved.
5-17
.
Paul Shorter
$300 .
6%
?
PV (1 + 0.06) = $300
PV = $300/(1 + 0.06) = $283.02
5-18
: -
//
-PV, -FVn,
-n, (
)-r
.
5-19
: -
//
Pam Valenti 8 $1,700-
.
8% :
PV = $1,700/(1 + 0.08)8 = $1,700/1.85093 = $918.46
:
5-20
5-21
5.5
5-22
Annuities-
Annuity
.
- ,
.
/ An ordinary
(deferred) annuity /
/ An annuity due /
-
.
2012 Pearson Prentice Hall. All rights reserved.
5-23
:
Fran Abrams 2
.
$1,000 ;
, B
- . 2
.
$5,000.
5-24
5.1
- ($1,000, 5 )
5-25
- -
CF -
.
, - r , n /
/
5-26
Fran Abrams - 5
A , :
5-27
5-28
-
CF -
- :
, - r,
n.
5-29
-
Braden
. 5
$700 8%
:
5-30
5.2
5-31
5-32
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CF
:
, - r ,
n .
5-33
:
Fran Abrams 5.1-
.
.
5-34
5-35
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Y CF
-
.
, - r , - n
5-36
5-37
,
2009 11 11-
96,6 .
$48,367,329.08
30 3,22
.
5-38
.
CF
- :
PV = CF r
5-39
Ross Clark
. $200,000-
10%
. Ross-
:
PV = $200,000 0.10 = $2,000,000
5-40
.
Shrell
.
5-41
.
- 8%
. 5
?
:
5-42
5-43
-
Frey
.
5-44
-
9% 5
:
5-45
5-46
.
.
.
,
.
5-47
5.3 8% ,
$100
. 24 2 .
5-48
5.4 8% ,
$100
. 24 2 .
5-49
5.5 8% , $100
24 2 .
5-50
.
.
, .
5-51
5-52
5-53
. ,
, ..
:
e . 2.7183
.
2012 Pearson Prentice Hall. All rights reserved.
5-54
.
/Fred Morenos/ (n = 2) (PV = $100) (r =
0.08) .
FV2 ( )
= $100 e0.08 2
= $100 2.71830.16
= $100 1.1735 = $117.35
5-55
5-56
.
//
.
> .
5-57
.
Fred Moreno 8
, ,
.
5-58
:
.
/ /
.
$30,000 .
$30,000
6
.
5-59
5-60
:
.
-
.
.
.
2012 Pearson Prentice Hall. All rights reserved.
5-61
:
PV
,
.
$6,000 10 4
:
5-62
5-63
5.6
($6,000 , 10% , 4 )
5-64
5-65
,
.
2006 300
.
.
.
2006
?
?
2012 Pearson Prentice Hall. All rights reserved.
5-66
:
,
,
.
.
5-67
Ray Noble 4 $1,250
. $1,520
?
5.20 :
5-68
5-69
Jan Jacobs $2,000
$514.14
.
.
5-70
5-71
:
.
.
PV
, FV
R- .
5-72
Ann Bates-
1000
8
2500
.
.
5-73
5-74
Bill Smart $25,000-
11%
$4,800
.
.
5-75
5-76
:
LG1
, ,
.
-
.
.
5-77
:
LG2
,
.
(FV) .
(PV)-
. -
.
5-78
:
LG3
.
.
- .
.
-
.
5-79
5-80
5-81
. (1)
, (2) , (3)
, (4)
(1)
. (2)
. (3)
. (4)
-
.
5-82
5-83
: Track Software
1: Track Software , ,
2006-2012 :
5-84
: Track Software
2:
($000) 31, 2012
5-85
: Track Software
Table 3a: ($000)
5-86
: Track Software
Table 3b: ($000)
5-87
: Track Software
Table 4: ($000) 31, 2012
5-88
. : Track Software
5:
,
.
5-89
: Track Software
a.
?
? .
.
b.
(EPS)- .
.
a- EPS -
.
c.
- .
- .
5-90
: Track Software
d.
: (1) , (2) ,
(3) , (4) , (5) .
2, 3, 5
.
e.
5-91
: Track Software
f.
g.
2012 -
. -
10%
?
5-92