Chapter 5

Time Value of
Money

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All rights reserved.


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$1,100 .

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5-4





.
, $1,000-
12%
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, 5

1100$ .

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5-5

 vs

$15,000
5 $17,000
:

$3,000

$5,000

$4,000

$3,000

$2,000

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5-6

 5.1

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5-7

 5.2

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 5.3

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.

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 .
$100- 8

?
= $100 (1 + 0.08) = $108

?
= $100 (1 + 0.08) (1 +
0.08) = $116.64

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5-12

 : -
//
:
FVn = n .
PV = .
r = (: I
.)

n = ( )

- .
FVn = PV (1 + r)n

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 : -
//
Jane Farber $800- 8 .
5
.
FV5 = $800 (1 + 0.06)5 = $800 (1.33823) = $1,070.58
:

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 5.4

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,
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 .
Paul Shorter
$300 .
6%
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PV (1 + 0.06) = $300
PV = $300/(1 + 0.06) = $283.02

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 : -
//

-PV, -FVn,
-n, (
)-r
.

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 : -
//
Pam Valenti 8 $1,700-
.
8% :
PV = $1,700/(1 + 0.08)8 = $1,700/1.85093 = $918.46
:

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 5.5

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Annuities-
Annuity
.
- ,

.
/ An ordinary
(deferred) annuity /
/ An annuity due /

-
.
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5-23

 :
Fran Abrams 2
.
$1,000 ;
, B
- . 2
.
$5,000.

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5-24

 5.1
- ($1,000, 5 )

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5-25

 - -
CF -
.

, - r , n /
/

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Fran Abrams - 5
A , :

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5-27

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5-28

 -

CF -
- :

, - r,
n.

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5-29

 -

Braden
. 5
$700 8%
:

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 5.2

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5-31

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5-32

 -

CF
:

, - r ,
n .

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5-33

 :
Fran Abrams 5.1-

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5-35

 -

Y CF
-
.

, - r , - n

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5-36

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5-37

,

2009 11 11-
96,6 .
$48,367,329.08
30 3,22
.

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5-38





.

CF
- :
PV = CF r

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5-39


Ross Clark

. $200,000-
10%
. Ross-
:
PV = $200,000 0.10 = $2,000,000

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5-40


.
Shrell

.

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5-41


.
- 8%
. 5
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5-42

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 -
Frey
.

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 -

9% 5
:

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5-45

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.

.
,
.

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 5.3 8% ,
$100
. 24 2 .

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5-48

 5.4 8% ,
$100
. 24 2 .

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5-49

 5.5 8% , $100

24 2 .

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5-50


.
.

, .

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5-51

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5-52

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5-53



. ,
, ..

:

e . 2.7183
.
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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

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5-55

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5-56



.
//
.
> .

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5-57

 .
Fred Moreno 8
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.

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5-58

 :
.

/ /
.


$30,000 .
$30,000
6
.

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5-59

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5-60


:



.

-

.

.

.
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:
PV
,
.

$6,000 10 4

:

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5-62

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 5.6
($6,000 , 10% , 4 )

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5-64

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,
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2006 300
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2006


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5-66

 :
,
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5-67


Ray Noble 4 $1,250
. $1,520
?
5.20 :

r = ($1,520 $1,250)(1/4) 1 = 0.0501 = 5.01%

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5-68

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5-69


Jan Jacobs $2,000

$514.14

.
.

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5-70

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 :
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.
PV
, FV
R- .

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5-72


Ann Bates-
1000
8
2500
.

.

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5-73

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5-74


Bill Smart $25,000-
11%
$4,800
.



.

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5-75

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 :
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 :
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(PV)-

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 :
LG3
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Review of Learning Goals

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LG4
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- .
-
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5-80

Review of Learning Goals

(cont.)
LG5


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5-81

Review of Learning Goals

(cont.)
LG6

. (1)

, (2) , (3)
, (4)

(1)

. (2)

. (3)
. (4)
-
.

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 : Track Software
1: Track Software , ,
2006-2012 :

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 : Track Software
2:

($000) 31, 2012

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 : Track Software
Table 3a: ($000)

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 : Track Software
Table 3b: ($000)

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 : Track Software
Table 4: ($000) 31, 2012

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. : Track Software
5:

,
.

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5-89

 : Track Software
a.

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b.

(EPS)- .
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a- EPS -
.

c.

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 : Track Software
d.

: (1) , (2) ,
(3) , (4) , (5) .
2, 3, 5
.

e.

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5-91

 : Track Software
f.

Track Software $5,000 2012

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5000 -
10%

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g.

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10%

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