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Time Value of Money ,[object Object],[object Object]
[object Object]
[object Object],[object Object]
Sale of land ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Time Value of Money ,[object Object],[object Object]
The Manhattan Islands ,[object Object],[object Object]
[object Object],[object Object]
Applications ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Required Rate of Return ,[object Object],[object Object],[object Object],[object Object]
Simple Interest ,[object Object],[object Object],[object Object]
Simple Interest ,[object Object],[object Object],[object Object],[object Object]
Compound Interest ,[object Object],[object Object]
Compound Interest ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Benjamin Franklin ,[object Object]
Ibbotson & Sinquefield ,[object Object],[object Object],[object Object]
[object Object]
Four Values ,[object Object],[object Object],[object Object],[object Object]
Future Value of a Single Amount ,[object Object],[object Object],[object Object],[object Object]
Present Value ,[object Object],[object Object],[object Object],[object Object],[object Object]
Present Value (cont…) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Four Key Parameters ,[object Object],[object Object],[object Object],[object Object]
The Multiperiod Case: Future Value ,[object Object],[object Object],[object Object],[object Object]
Future Value and Compounding ,[object Object],[object Object],[object Object]
Future Value and Compounding 0 1 2 3 4 5
Present Value and Compounding ,[object Object],0 1 2 3 4 5 $20,000 PV
[object Object],How Long is the Wait?
[object Object],What Rate Is Enough? About 21.15%.
Special Considerations in TVM ,[object Object],[object Object],[object Object],[object Object]
Annuities ,[object Object],[object Object],[object Object],[object Object]
Perpetuity  ,[object Object],[object Object],[object Object]
Growing Perpetuity ,[object Object],[object Object],[object Object]
Perpetuity ,[object Object],… The formula for the present value of a perpetuity is: 0 1 C 2 C 3 C
Perpetuity ,[object Object],[object Object],… 0 1 £15 2 £15 3 £15
Growing Perpetuity ,[object Object],… The formula for the present value of a growing perpetuity is: 0 1 C 2 C ×(1+ g ) 3 C  ×(1+ g ) 2
Growing Perpetuity ,[object Object],[object Object],0 … 1 $1.30 2 $1.30 ×(1.05) 3 $1.30  ×(1.05) 2
Annuity ,[object Object],The formula for the present value of an annuity is: 0 1 C 2 C 3 C T C
Annuity ,[object Object],0 1 $400 2 $400 3 $400 36 $400
What is the present value of a four-year annuity of $100 per year that makes its first payment two years from today if the discount rate is 9%?    0   1   2   3  4  5 $100   $100   $100  $100 $327.97 $297.22
PV of Annuity ,[object Object]
Lottery ,[object Object]
Retirement Benefit ,[object Object]
Intra Year Compounding ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Compounding Periods ,[object Object],For example, if you invest $50 for 3 years at 12% compounded semi-annually, your investment will grow to
Effective Annual Interest Rates ,[object Object],The Effective Annual Interest Rate (EAR) is the annual rate that would give us the same end-of-investment wealth after 3 years:
Effective Annual Interest Rates (continued) ,[object Object],[object Object],[object Object]
Continuous Compounding ,[object Object],[object Object],[object Object],[object Object],[object Object]
Amortising a Loan ,[object Object],[object Object],[object Object]
Key Concept ,[object Object]
Corporate Finance Lessons ,[object Object],[object Object]
Concepts ,[object Object],[object Object],[object Object],[object Object]
Start Saving! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Iii A Time Value Of Money

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  • 24. Future Value and Compounding 0 1 2 3 4 5
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  • 38. What is the present value of a four-year annuity of $100 per year that makes its first payment two years from today if the discount rate is 9%?   0 1 2 3 4 5 $100 $100 $100 $100 $327.97 $297.22
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