公司理财精要chap005课件.pptx

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公司理财精要chap005课件.pptx

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DiscountedCashFlowValuation1McGraw-Hill/Irwin?2004TheMcGraw-HillCompanies,Inc.AllrightsreChapter5

KeyConceptsandSkills2McGraw-Hill/Irwin?2004TheMcGraw-HillCompanies,Inc.Allrightsre Beabletocomputethefuturevalueofmulticashflows BeabletocomputethepresentvalueofmultcashflowsBeabletocomputeloanpaymentsBeabletofindtheinterestrateonaloanUnderstandhowloansareamortizedorpaidUnderstandhowinterestratesarequoted

ChapterOutline3McGraw-Hill/Irwin?2004TheMcGraw-HillCompanies,Inc.Allrightsre FutureandPresentValuesofMultipleCashFlows ValuingLevelCashFlows:AnnuitiesandPerpetuities ComparingRates:TheEffectofCompoundingPeriodsLoanTypesandLoanAmortization

Pointoutthatyoucanfindthevalueofasetofcashflowsatanypointintime,allyouhavetodoisgetthevalueofeachcashflowatthatpointintimeandthenaddthemtogether.Thestudentscanreadtheexampleinthebook.Itisalsoprovidedhere.Youthinkyouwillbeabletodeposit$4,000attheendofeachofthenextthreeyearsinabankaccountpaying8percentinterest.Youcurrentlyhave$7,000intheaccount.Howmuchwillyouhaveinthreeyears?Infouryears?Pointoutthatthereareseveralwaysthatthiscanbeworked.Thebookworksthisexamplebyrollingthevalueforwardeachyear.Thepresentationwillshowthesecondwaytoworktheproblem.Calculator:Today(year0CF):3N;8I/Y;-7000PV;CPTFV=8817.98Year1CF:2N;8I/Y;-4000PV;CPTFV=4665.60Year2CF:1N;8I/Y;-4000PV;CPTFV=4320Year3CF:value=4,000Totalvaluein3years=8817.98+4665.60+4320+4000=21,803.58Valueatyear4:1N;8I/Y;-21803.58PV;CPTFV=23,547.87IenteredthePVasnegativefortworeasons.(1)Itisacashoutflowsinceitisaninvestment.(2)TheFViscomputedaspositiveandthestudentscanthenjuststoreeachcalculationandthenaddfromthememoryregisters,insteadofwritingdownallofthen