CHNG 2

GI TR THEO THI GIAN

CA TIN T

Bi ging Lp v phn tch d n

Ni dung
2.1 Gi tr theo thi gian ca tin
2.2 Tnh ton li tc
2.3 Biu dng tin t
2.4 Cc cng thc tnh gi tr tng ng
cho cc dng tin t n v phn b u
2.5 Li sut danh ngha v li sut thc
Bi ging Lp v phn tch d n

2.1 Gi tr theo thi gian ca tin

Nhn $1 hm nay hay nhn vo 3 nm sau ???
0

PA 1:

$1

$1 + li

PA 2:

$1 - li

$1

MT LA NGY HM NAY C GI TR HN MT
LA TRONG TNG LAI

Bi ging Lp v phn tch d n

Demand for Medical Services

2.1 Gi tr theo thi gian ca tin

TI SAO TIN LI C GI TR THEO THI GIAN ???

Tin c th to ra tin theo thi gian. Ta c

th dng tin ngy hm nay u t cho
tng lai (earning power sc sinh li).

Sc mua ca tin thay i theo thi gian do

lm pht (purchasing power sc mua).

=> Li tc (interest) l biu hin gi tr theo

thi gian ca tin t, l chi ph s dng tin
i vi ngi i vay, v l thu nhp i vi
ngi cho vay. (cost to borrowers and
earning to lenders)
Bi ging Lp v phn tch d n

2.2 Tnh ton li tc

Li tc v li sut (interest vs interest rate)
Li tc l biu hin gi tr theo thi gian ca tin t.
Li tc = (Tng vn tch lu) (Vn u t ban u)

Li sut l li tc biu th theo t l phn trm i vi

s vn ban u cho mt n v thi gian:
Li sut = (Li tc trong 1v thi gian) / (vn gc) x 100%

Bi ging Lp v phn tch d n

2.2 Tnh ton li tc

S tng ng v mt kinh t (economic equivalence)

Nhng s tin khc nhau nhng thi im khc nhau
c th bng nhau v gi tr kinh t.
Vi li sut 10%/nm, th 1 triu hm nay tng ng
1,1 triu nm sau
F - future
Nu i vay P ng
hm nay trong N thi
0
on vi li sut i%,
N
th phi tr F ng cui
thi on N.
P - present

Bi ging Lp v phn tch d n

Demand for Medical Services

2.2 Tnh ton li tc

Li tc n:
Li tc ch tnh theo s vn gc m khng tnh
thm li tc tch lu pht sinh t tin li cc
thi on trc .
Li tc ghp:
Li tc mi thi on c tnh theo s vn
gc v c tng s tin li tch lu c trong
cc thi on trc .
Phn nh c hiu qu gi tr theo thi gian
ca ng tin cho c phn tin li trc .
c s dng trong thc t
Bi ging Lp v phn tch d n

2.2 Tnh ton li tc

Li tc n: Vi li sut n S%, s thi on l N
, tng vn ln li sau N thi on l (P + I) vi I = P.S.N

P = s vn gc
S = li sut n
N = s thi on
V d:

P = $1,000
S = 8%
N = 3 nm

Nm

S d
u nm

Li tc

S d
cui nm
$1,000

$1,000

$80

$1,080

$1,080

$80

$1,160

$1,160

$80

$1,240

Bi ging Lp v phn tch d n

2.2 Tnh ton li tc

Li tc ghp: Vi li sut ghp i%, s thi on l N
, tng vn ln li sau N thi on l P(1 + i)N

P = vn gc
i = li sut ghp
N = thi on
V d:

P = $1,000
i = 8%
N = 3 nm

Nm

S d u
nm

Li tc

S d
cui nm
$1,000

$1,000

$1,080

$86.40 $1,166.40

$1,166.40

$93.31 $1,259.71

Bi ging Lp v phn tch d n

Demand for Medical Services

$80

$1,080

2.3 Biu dng tin t

Dng tin t (Cash Flow - CF):

CF bao gm cc khon thu v cc khon chi,
c quy v cui thi on.
Trong , khon thu c quy c l CF
dng ( ) , khon chi l CF m ( )
Dng tin t rng = Khon thu Khon chi
Biu dng tin t (Cash Flow Diagrams CFD): l mt th biu din cc dng tin t
theo thi gian.

Bi ging Lp v phn tch d n

10

2.3 Biu dng tin t

Cc k hiu dng trong CFD:

P (present): Gi tr hay tng s tin mc thi
gian quy c no c gi l hin ti. Trn
CFD, P cui thi an 0.
F (future): Gi tr hay tng s tin mc thi
gian quy c no c gi l tng lai. Trn
CFD, F c th cui bt k thi an th N no.
A (annual): Mt chui cc gi tr tin t c gi tr
bng nhau t cui cc thi on
N: S thi on (nm, thng,).
I (interest rate) (%): Li sut (mc nh l li sut
ghp).
Bi ging Lp v phn tch d n

11

F (Gi tr tng lai)

CF thu
0

6
7

3
CF chi

P (Gi tr hin ti)

V d v biu dng tin

F (Gi tr tng lai)

A (Dng thu u mi thi an)

0
1

P (Gi tr hin ti)

A (Dng chi u mi thi an)

Bi ging Lp v phn tch d n

Demand for Medical Services

12

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
Cng thc tnh gi tr tng ng cho dng
tin t n:

F P (1 i ) N
F P ( F / P , i, N )
Cng thc tnh gi tr tng ng cho dng tin
t phn phi u:

(1 i ) N 1
i
A( F / A,i, N )

F A

Bi ging Lp v phn tch d n

13

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
Tm

Theo

Bng cng thc

Bi ging Lp v phn tch d n

14

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
VD: Tm F theo P

Nu bn u t $2,000 by gi vi li sut
10%, 8 nm sau bn s c bao nhiu?

F=?
i = 10%
0
8
$2,000
Bi ging Lp v phn tch d n

Demand for Medical Services

15

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
VD: Tm P theo F

c mt s vn l $10000 li sut 7%/nm

trong 6 nm. Vy bn cn phi huy ng bao
nhiu ngay hm nay?

F = $10000
i=7%
0
6
P= ?
Bi ging Lp v phn tch d n

16

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
VD: Tm P theo F

Bn s phi huy
ng bao nhiu ngay
hm nay c th
rt $25,000 vo nm
th 1, $3,000 vo
nm th 2, $5,000
vo nm th 4, vi
li sut l 10%/nm?

$25,000

$5,000

$3,000
0
1

P=?

Bi ging Lp v phn tch d n

17

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
VD: Tm F theo A

Nu hng nm
bn phi tr mt
s tin l $5,000
vi li sut i =
6%/nm trong 5
nm th cui
nm th 5 bn
tr c bao
nhiu?

F =?

i = 6%
0

$5,000 $5,000 $5,000 $5,000 $5,000

Bi ging Lp v phn tch d n

Demand for Medical Services

18

2.4 Cc cng thc tnh gi tr tng

ng cho dng tin n v phn b u
VD: Tm P theo A

hng nm tr n
c $7.92 triu, th
bn phi cn c bao
nhiu ngay hm nay
khon tin l bao
nhiu trong vng 25
nm, bit ls l
8%/nm.

A = $7.92 million

0
1

25

i = 8%

P =?

Bi ging Lp v phn tch d n

19

2.5 Li sut thc v danh ngha

Li sut 18%/nm, ghp li hng thng
18%

= 1.5%

Ngha l g?
Li sut hng thng l 1.5%
S thi on ghp li trong mt nm l (N) = 12
Thi an pht biu: NM
Thi an ghp li: THNG, c mi thng tin li
s c nhp vo vn gc tnh tin li cho
thng sau.
Bi ging Lp v phn tch d n

20

2.5 Li sut thc v danh ngha

VD: Gi s bn vay $1 trong 1 nm vi li

sut 18% ghp li hng thng. Vy li tc cui
nm l bao nhiu?
DA:
F $ 1(1 i ) 12 $ 1(1 0 .015 )12

= $1.1956
ia 0.1956 hoc 19.56%

Bi ging Lp v phn tch d n

Demand for Medical Services

21

2.5 Li sut thc v danh ngha

18%

: 1.5%
Li sut
danh ngha

18%/nm ghp li hng thng

Hoc
1.5% /thng trong 12 thng

=
19.56 %/nm ghp li hng nm

Li sut
thc

Bi ging Lp v phn tch d n

22

2.5 Li sut thc v danh ngha

Cch phn bit li sut danh ngha v thc:

Khi thi on pht biu khc vi thi on ghp li
(m khng c xc nh c th l li sut thc)
=> li sut danh ngha
thi on pht biu bng thi on ghp li
=> li sut thc
Khi

sut pht biu khng nu thi on ghp li

=> li sut thc

Li

sut thc hay danh ngha c xc nh r

km theo mc li sut pht biu

Li

Bi ging Lp v phn tch d n

23

2.5 Li sut thc v danh ngha

VD: Li sut no l thc v li sut no l danh ngha?
Li sut 12%/nm, ghp li theo qu
=> li sut danh ngha
Li sut 1%/thng, ghp li theo thng
=> li sut thc
Li sut 14%/nm
=> li sut thc
Li sut thc 12%/nm, ghp li theo thng
=> li sut thc
Li sut danh ngha 10%/nm, ghp li theo tun
=> li sut danh ngha
Bi ging Lp v phn tch d n

Demand for Medical Services

24

2.5 Li sut thc v danh ngha

Chuyn ls thc theo nhng thi on khc nhau:
i2 = (1 + i1)m - 1
Vi: i1: LST trong thi an NGN
i2: LST trong thi an DI hn

VD: Li sut 1% thng. Tnh li sut thc theo nm

=> LST theo nm l i2 = (1 + 1%)12 1 = 12.68%
Bi ging Lp v phn tch d n

25

2.5 Li sut thc v danh ngha

Chuyn li sut danh ngha (LSDN) sang li sut thc (LST)

i = (1 + r/m1)m2 - 1
Vi: i: LST trong thi an TNH TON
r: LSDN trong thi an PHT BIU
m1: S thi on ghp li trong thi an pht biu
m2: S thi on ghp li trong thi an tnh ton
V d: Ls 12% nm, ghp li theo qu. Tm LST theo nm?
Thi on GL: qu. Thi on PB: nm. Thi on TT: nm.
m1 = m2 = 4
i = (1 + 12%/4)4 - 1
Bi ging Lp v phn tch d n

26

2.5 Li sut thc v danh ngha

Lm bi tp 2.2, 2.3, 2.4, 2.10 v 2.12

Bi ging Lp v phn tch d n

Demand for Medical Services

27