三年制会计专业人才培养方案

McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinIntroductiontoValuation:TheTimeValueofMoneyChapter4McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.1KeyConceptsandSkillsBeabletocomputethefuturevalueofaninvestmentmadetodayBeabletocomputethepresentvalueofcashtobereceivedatsomefuturedateBeabletocomputethereturnonaninvestmentMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.2ChapterOutlineFutureValueandCompoundingPresentValueandDiscountingMoreonPresentandFutureValuesMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.3BasicDefinitionsPresentValue–earliermoneyonatimelineFutureValue–latermoneyonatimelineInterestrate–“exchangerate”betweenearliermoneyandlatermoneyDiscountrateCostofcapitalOpportunitycostofcapitalRequiredreturnMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.4FutureValuesSupposeyouinvest$1000foroneyearat5%peryear.Whatisthefuturevalueinoneyear?Interest=1000(.05)=50Valueinoneyear=principal+interest=1000+50=1050FutureValue(FV)=1000(1+.05)=1050Supposeyouleavethemoneyinforanotheryear.Howmuchwillyouhavetwoyearsfromnow?FV=1000(1.05)(1.05)=1000(1.05)2=1102.50McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.5FutureValues:GeneralFormulaFV=PV(1+r)tFV=futurevaluePV=presentvaluer=periodinterestrate,expressedasadecimalT=numberofperiodsFuturevalueinterestfactor=(1+r)tMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.6EffectsofCompoundingSimpleinterestCompoundinterestConsiderthepreviousexampleFVwithsimpleinterest=1000+50+50=1100FVwithcompoundinterest=1102.50Theextra2.50comesfromtheinterestof.05(50)=2.50earnedonthefirstinterestpaymentMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.7Figure4.1McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.8Figure4.2McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.9CalculatorKeysTexasInstrumentsBA-IIPlusFV=futurevaluePV=presentvalueI/Y=periodinterestrateP/Ymustequal1fortheI/YtobetheperiodrateInterestisenteredasapercent,notadecimalN=numberofperiodsRemembertocleartheregisters(CLRTVM)aftereachproblemOthercalculatorsaresimilarinformatMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.10FutureValues–Example2Supposeyouinvestthe$1000fromthepreviousexamplefor5years.Howmuchwouldyouhave?FV=1000(1.05)5=1276.28Theeffectofcompoundingissmallforasmallnumberofperiods,butincreasesasthenumberofperiodsincreases.(Simpleinterestwouldhaveafuturevalueof$1250,foradifferenceof$26.28.)McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.11FutureValues–Example3Supposeyouhadarelativedeposit$10at5.5%interest200yearsago.Howmuchwouldtheinvestmentbeworthtoday?FV=10(1.055)200=447,189.84Whatistheeffectofcompounding?Simpleinterest=10+200(10)(.055)=210.55Compoundingadded$446,979.29tothevalueoftheinvestmentMcGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.12FutureValueasaGeneralGrowthFormulaSupposeyourcompanyexpectstoincreaseunitsalesofwidgetsby15%peryearforthenext5years.Ifyoucurrentlysell3millionwidgetsinoneyear,howmanywidgetsdoyouexpecttosellin5years?FV=3,000,000(1.15)5=6,034,072McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.13QuickQuiz:Part1Whatisthedifferencebetweensimpleinterestandcompoundinterest?Supposeyouhave$500toinvestandyoubelievethatyoucanearn8%peryearoverthenext15years.Howmuchwouldyouhaveattheendof15yearsusingcompoundinterest?Howmuchwouldyouhaveusingsimpleinterest?McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.14PresentValuesHowmuchdoIhavetoinvesttodaytohavesomeamountinthefuture?FV=PV(1+r)tRearrangetosolveforPV=FV/(1+r)tWhenwetalkaboutdiscounting,wemeanfindingthepresentvalueofsomefutureamount.Whenwetalkaboutthe“value”ofsomething,wearetalkingaboutthepresentvalueunlesswespecificallyindicatethatwewantthefuturevalue.McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.15PV–OnePeriodExampleSupposeyouneed$10,000inoneyearforthedownpaymentonanewcar.Ifyoucanearn7%annually,howmuchdoyouneedtoinvesttoday?PV=10,000/(1.07)1=9345.79Calculator1N7I/Y10,000FVCPTPV=-9345.79McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.16PresentValues–Example2Youwanttobeginsavingforyoudaughter’scollegeeducationandyouestimatethatshewillneed$150,000in17years.Ifyoufeelconfidentthatyoucanearn8%peryear,howmuchdoyouneedtoinvesttoday?PV=150,000/(1.08)17=40,540.34McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/Irwin4.17PresentValues–Example3Yourparentssetupatrustfundforyou10yearsagothatisnowworth$19,671.51.Ifthefundearned7%peryear,howmuchdidyourparentsinvest?PV=19,671.51/(1.07)10=10,000McGraw-Hill©2004TheMcGraw-HillCompanies,Inc.Allr