()

()

()

7 100 5%
2

()
(PV)

(PV) = FV / (1+r) tFV r t

$981,414
$981,414
981,414 = 25000 / (1+r)1 + 25000 / (1+r)2 + 25000 / (1+r)3+
(1000000+25000) / (1+r)4
r
EXCEL RATE =RATE(4, 25000, -981414, 1000000)
3.00% 2 6%
5% 6%

25,000
25000
$981,414

$981,414 $981,414
6%
$981,414 6%
25,000

981,414

29,442

-25,000

985,857

985,857

29,576

-25,000

990,433

990,433

29,713

-25,000

995,146

995,146

29,854 -1,025,000

Excel

981,414

6.00%

=RATE(4, 25000, -981414,1000000)*2

1,000,000

5.00%

=RATE(4, 25000, -1000000,1000000)*2

1,019,039

4.00%

=RATE(4, 25000, -1019039,1000000)*2

6% 5% 4% 6%
$981,414 5%$1,000,000 4%
$1,019,039

4% 6%
$25,000
()

$25,000