金融学_Chp4.ppt

Chapter 4:  Allocating Resources Over Time 第四章：跨期配置资源 Introduction: Time Value of Money (TVM)引言：货币的时间价值 $1 today is worth more than the expectation of $1 tomorrow because: 今天1美元的价值超过明天1美元的预期值，原因： a bank would pay interest on the $1 银行支付利息 inflation makes tomorrows $1 less valuable than today’s 通货膨胀使明天的1美元不如今天值钱 uncertainty of receiving tomorrow’s $1 明天获取1美元的不确定性 4.1 Compounding 复利 4.1 Compounding 复利 Assume that the interest rate is 10% p.a. 假设年利率是10％ What this means is that if you invest $1000 for one year, you have been promised $1000*(1+10%) or $1100 next year 这意味着如果你一年投资1000美元，明年就有 1000*(1+10%) = 1100 美元 Investing $1000 for yet another year promises to produce 1100 *(1+10%) or $1210 in 2 years 投资1000美元再多一年，2年产生 1100 *(1+10%) = 1210 美元 Value of Investing $1 投资1美元的价值 Value of $5 Invested 投资5美元的价值 $5 投资的价值 Definitions 定义 Generalizing the method requires some definitions. 对术语进行定义： i be the interest rate i = 利率 n be the number of years n = 年数 PV be the present value PV = 现值 FV be the future value FV = 终值（未来价值） Definitions 定义 Generalizing the method requires some definitions. 对术语进行定义： Principal 本金 Simple interest 单利 Compound interest 复利 单利：本金所得到的利息称为单利 复利：在已经支付的利息上所得到的利息称为复利 全部利息 = 单利 + 复利 单利 复利 PV=$1000, i=10%, n=2, FV=? FV = $1000*(1+10%)2 = $1210 本金 = $1000 单利 = $200 (= $1000*10%*2) 复利 = $10 (= $1000*10%*10%) 全部利息 = 单利 + 复利 本息 = 本金 + 全部利息 = 本金 + 单利 + 复利 Future Value and Compound Interest 未来价值和复利 P121 练习 快速测查4-1 (P120) 如果在前面的例子中，利率仅为每年5％，那么终值是多少？ 单利和复利各是多少？ Future Value Present Value终值和现值的关系 Example: Future Value Calculation例题：终值计算 Your bank offers a deposit with an interest rate of 3% for a 5 year investment. 5年银行定期存款，年利率3％ You wish to invest $1,500 for 5 years, how much will your investment be worth? $1500投资5年，价值几何？ RULE OF 72 72法则 (P123) This rule says that the number of years it takes for a sum of money to double in value (“the doubling time”) is