Tak–basdInstructor:JJ,n財 aca@aI 中華網課補學分代報名一條龍服nTaskIntroductionofPresent財 oI - 中華網課補學分代報名一條龍服AbouttheAB財 oI - 中華網課補學分代報名一條龍服A.PresentKeytermsinPresentFutureValue(FV)ofanAmount(FVof$1):theamountyoudeposittodaywillbeavailableinthefuturewithcompoundearnedinterestat“n”period.PresentValue(PV)ofaFutureAmount(PVof$1):theamountyouwouldpaynowforanamounttobereceived“n”periodinthefuture.PV$1=1/FVof$1.PVofanordinaryAnnuity:Pull-backValueasresultofeachpaymentreceivedattheendofeachyear.PVofanAnnuityDue:Pull-backValueasresultofeachreceivedatthebeginningofeachFVofanordinaryAnnuity:PushedValueasresultofeachdepositattheendofeach4財 oI - 中華網課補學分代報名一條龍服ifthetotalifthetotalamountcomesattheendoftheseriesofpayments,itafuturevalueofannuitysituation.Ifthetotalamountcomesatbeginningoftheseriesofpayments,itisapresentvalueofFVofanannuityvs.PVofanFVofanannuity:attheendofPVofanannuity:atthebeginningof財 oI - 中華網課補學分代報名一條龍服PresentOrdinaryAnnuityvs.AnnuityTimingistheonlyOrdinaryAnnuity:paymentattheendofeachAnnuityDue:paymentatthebeginningofeach PVofanannuitydueforperiodn=PVofanannuityforperiod(n-1)+財 oI - 中華網課補學分代報名一條龍服財 PresentTheValueofMoneyFactor(TVMF)UseifeacharenotallUseifeveryFCFareallsame7提供 網 中華網課補學分代報名一條龍服AlwaysrememberAlwaysrememberPVisthevaluetobediscountedorinvesttoday.FVthefuturevaluethatmightneedtopullbacktotodaybyusingPVofTVMFTheTVMFDeterminethegivenamountisFVorDeterminethepaymentisthebeginning(due)oftheyearorthe(annuity)ofFindtheapplicableTVMF(usuallygivenbutyouneedtoselectcollectApplyFVorPV=PaymentxTVMFtosolvethe8財 oI - 中華網課補學分代報名一條龍服Assumeafive-yearleaseofequipmentrequiringpaymentsof$1,000attheendofeachofthefiveyears,whichistobecapitalized.Ifthediscountrateis10%,thepresentvalueis$3,791($1,000×3.791).Thebehaviorofthepresentvalueoftheleasepaymentstreamoverthefie-yearperiodisshownbelow.Notethattheliability(principalamount)growsbyinterestintheamountof10%duringeachperiodanddecreasesby$1,000attheendofeachperiod.9財 oI - 中華網課補學分代報名一條龍服Valuationof$10,000inbonds,semiannualinterestat6%couponrate,maturinginsixyears,marketrateofFindpresentvalueofmaturityvalue.Usepresentvalueof$1factor.$10,000back12periodsat2.5%interest(Factor=$10,000×.7436=Findthepresentvalueoftheannuityoftwelve$300interestUsepresentvalueofanordinaryannuityof$1factorfortwelveperiodsatinterest(Factor=$300×10.26=Today’svalueis$10,514(7,436+財 oI - 中華網課補學分代報名一條龍服B.ValuationofParaCo.isreviewingthefollowingdatarelatingtoanenergysavinginvestmentproposal:Residualvalueattheendof5Presentvalueofanannuityof1at12%for5yearsPresentvalueof1duein5yearsat12%

Whatwouldbetheannualsavingsneededtomaketheinvestmentrealize12% =$50,000=PVof(FV$10,000+AnnualSavingin5=$50,000=$10,000x0.57+SavingxAnnualSaving=財 oI - 中華網課補學分代報名一條龍服Themarketpriceofabondissuedatadiscountisthepresentvalueofprincipalamountatthemarkrt(effective)rateofLessthepresentvalueofallfutureinterestpaymentsatthemarket(effective)rateofinterest.LessthepresentvalueofallfutureinterestpaymentsattherateofintereststatedonthebondPlusthepresentvalueofallfutureinterestpaymentsatthe(effective)rateofPlusthepresentvalueofallfutureinterestpaymentsattherateinterests