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第三章 資本在時間上的配置

第三章 資本在時間上的配置. Capital Allocation over Time. 分配原則： ( Principles of Allocation ). Effect of the rate of return ( i ) ：. Time Value of Money ： $100 today or a year later ？. today is better ∵ uncertainty alternative uses, inflation. Mathematics of Compound Interest.

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第三章 資本在時間上的配置

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  1. 第三章 資本在時間上的配置 Capital Allocation over Time

  2. 分配原則：( Principles of Allocation )

  3. Effect of the rate of return (i)：

  4. Time Value of Money： $100 today or a year later ？ today is better ∵ uncertainty alternative uses, inflation

  5. Mathematics of Compound Interest Simple interest： S = s．(1 + i．n) i: interest Compound interest：interest is paid more than once (interests add to principal) S = s．(1 + i )n (s ．Table 1) Present Value (PV) Future Value (FV) ….. FV．Table 2 ….. PV．Table 1 i: discount rate = (riskless equity return + inflation rate + risk premium)

  6. annuity Mathematics of Compound Interest（續） The present value of a sequence of annual incomes： if n →∞ and FV constant (annuity) if FV constant but n → ∞ FV = PV．Table 3 or FV = PV / Table 4 PV = FV / Table 3 or PV = FV．Table 4

  7. Application of the Time Value of Money • Bond valuation : (p.63) • Valuation of farm real estate: (p.65) end of year 0 1 2 3 4 5 ........………. 20 0 0 0 0 $100 $100 ….....….......$100 $1,200 Table 4 Table 2 Table 2 $100 eg：Bond face value: $1000 , interest rate: 5%, time value of money: 7%, mature in 10 yrs. $1000 × 5% × 7.0236＋$1000 × 0.5083＝$859.48 （Table 4） （Table 2）

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