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5、挀栀洀椀渀甀琀攀漀渀琀椀渀甀漀甀猀挀漀洀瀀漀甀渀搀椀渀最爀洀洀渀洀攀爀渀匀甀爀瀀爀椀猀椀渀最氀礀戀愀渀欀猀愀渀搀漀琀栀攀爀昀椀渀愀渀挀椀愀氀椀渀猀琀椀琀甀琀椀漀渀猀昀爀攀焀甀攀渀琀氀礀焀甀漀琀攀挀漀渀琀椀渀甀漀甀猀挀漀洀瀀漀甀渀搀椀渀最瑎鞋瀀甀氀琀椀瀀氀攀挀愀猀栀昀氀漀眀猀椀渀昀甀琀甀爀攀倀嘀爀爀爀瓰倀烿攀渀猀椀漀渀氀攀愀猀攀猀琀炑鈀萀捶甀爀爀攀渀挀礀倀攀爀瀀攀琀甀椀琀礀漀昀昀椀砀攀搀挀愀猀栀昀氀漀眀猀倀嘀爀栀肕1.货币时间价值的含义 p36What are the value of those cash flows in TODAYS money0 1 2 3 4 5600200 180 1
6、80 100 100P36：货币的时间价值表明一定量的货币在不同时点具有不同的价值The time-value-of-money concept2.货币时间价值产生的原因 p36 四点 总面值1000000，票面利率10%，3年，半年付息一次 市场利率8%平价、折价与溢价？现在的发行价格？的一 题3.货币时间价值计算的 基本 念p37本金、利率、 值、现值、 利、计息次 、年金、（现金流） 现（DCF） Compounding and future valueDiscounting and present valueDiscounting the Cash Flow的 现值：pv=fv/(1+
7、r)1 值：fv=pv* (1+r)10 1（1+r）14.一次 收付 的计算p38 -基 计算Single cash flow: PV = CF1/(1+r)Single cash flow in “n” years from now: PV = CFn/(1+r)np39 2-4 PVIFi,n 考 Compounding Periods p46(1+r / m )m*n1)1( mmrEAITEffective Annual Interest Ratevs. stated annual interest rate (SAIR) Basket Wonders has a $1,000 CD
8、 (Certificate of Deposit) at the bank. The interest rate is 6% compounded quarterly for 1 year. What is the Effective Annual Interest Rate (EAR)?EAR= ( 1 + 6% / 4 )4 - 1 = 1.0614 - 1 = .0614 or 6.14%(1 + i / m )m - 1Formula : 考 Compounding Periods以 semiannually, quarterly, monthly, daily, hourly, each minute, Continuous compounding (1+r / m )m*nm er*nSurprisingly, banks and other financial institutions frequently quote continuous compounding.5. 收付 与年金计算 p39Multiple cash flows in future: PV = CF1/(1+r)+CF2/(1+r)2+CF3/(1+r)3+年金及分 P39（pension, leases） CF1= CF2=CF3= 年金p45， 2
