金融学课件：第04章 货币的时间价值

1、1Copyright, 2000 Prentice Hall Author Nick Bagley, bdellaSoft, Inc.学习目的学习目的通过现实生活的例子掌握复利和折现的概念21 年 $1.1 2 年 $1.21 3 年 $1.331 4 年 $1.4641 31 年 $5*(1+0.10) $5.5 2 年 $5.5*(1+0.10) $6.05 3 年 $6.05*(1+0.10) $6.655 4 年 $6.655*(1+0.10) $7.3205 4niPVFV)1 (*FV with growths from -6% to +6%05001,0001,5002,0002

2、,5003,0003,50002468101214161820YearsFuture Value of $10006%4%2%0%-2%-4%-6%5 对银行CD的投资，利率3%，期限 5年. 投资额$1,500， 终值是多少?1111145.1738$)03.01 (*1500$)1 (*5niPVFVn5i3%PV1,500FV?Result 1738.9111116*(1)(1):*(1)(1)nnnnFVPViiFVPVFVii两边除以可得7 today55.293,34$55281.34293)08. 01 (000,40)1 (2niFVPV81)1 ()1 ()1 (*nnnnP

3、VFViPVFViiPVFViPVFV9point) basisnearest the(to %18. 7071773463. 012121150003000011011010nPVFVi10)ln()ln()ln()ln()*ln()ln(0,)ln(xyxyxyxxexxeyxx11)ln(*)ln()ln()ln()ln()ln()*ln()ln()ln()/ln(yxyxzyxzyxyxyx12iPVFViPVFVniniPVFViPVFViPVFVnnn1lnlnln1lnln1ln*)1(lnln)1()1(*13年 收 益 率 复 利 次 数 年 有 效 收 益 率 18 1 1

4、8.00 18 2 18.81 18 4 19.25 18 12 19.56 18 52 19.68 18 365 19.72 14111kmmmemkLimEFF1511*111111mmEFFmkEFFmkmkEFFmmmm16年有效收益率 复利频率 年收益率 1 2 1 1 2 . 0 0 1 2 2 1 1 . 6 6 1 2 4 1 1 . 4 9 1 2 1 2 1 1 . 3 9 1 2 5 2 1 1 . 3 5 1 2 3 6 5 1 1 . 3 3 1 2 无穷大 1 1 . 3 3 17nnipmtipmtipmtipmtipmtPV1111113211811111111

5、11*1321nniiiiipmtPV191111111111*)1 (*)1 (*1321nniiiiiipmtiPV20nnnnnnnnipmtiiiiipmtipmtiiiiiiipmtiPV111111111111*11*11111111111111*)1 (*122101221021011*(1)*111*(1)11*111* 11nnnnPVipmtPVpmtiiPViPVpmtpmtipmtipmtPViii22nniipmtiipmtPV111*111*23nnniiPVpmtiipmtiipmtPV11*11*111*24ipmtiPVnpmtiPVipmtiPVinpmti

6、PViipmtiPViipmtPVnnnn1ln*1ln;*11*1ln1ln*;*1111*;11*251)1(*)1 (*11*)1 (*1 nnregdueiiipmtiiipmtiPVPV2611*1*111*FVsum) (lump 1*FVannuity) (reg. 111*nnnnniipmtiiipmtiPViipmtPV2711*11*nniiFVpmtiipmtFV28ipmtiFVnpmtiFViniipmtiFViipmtFVnnn1ln*1ln*1ln1ln*1ln1*111*29niipmtPV111* 当n趋向于无穷大时，且i 0:ipmtPV 30$50000

7、0*(1 0.1 )$450 ,000$500000*(1 0.1 )*0.03$13 ,500贷 款点 数31niPVFV PMTResult360 0.5% 450,0000?-2,697.98This is the monthly repayment32niPVFVPMTResult360 .5% 450,000 0?-2,697.98300 .5%?0-2,697.98418,745Outstanding 60 Months3334Amortization of Principal0.0050000.00100000.00150000.00200000.00250000.0030000

8、0.00350000.00400000.00450000.00024487296120144168192216240264288312336360MonthsOutstanding Balance35After Tax Cash Flow$1,500$1,700$1,900$2,100$2,300$2,500$2,700$2,900024487296120144168192216240264288312336360Monthly Cash FlowMonth36Percent of Interest and Principal0%10%20%30%40%50%60%70%80%90%100%0

9、24487296120144168192216240264288312336360MonthsPercent% Interest% Principal3710% Aditional Payments050000100000150000200000250000300000350000400000450000500000024487296120144168192216240264288312336360MonthsPrincipal Outstanding38$10,000$11,000 1,000,0001,030,000Time10% $/$ (direct)0.01 $/3% / ? $/U.S.A.Japan39$10,000$11,124$11,000 1,000,0001,030,000Time10% $/$ (direct)0.01 $/3% /0.0108 $/U.S.A.Japan40$10,000$10,918 $11,000 1,000,0001,030,00