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FV
FV = PV(1 + i)! PV =
(1 + i)!
(1 + i)! − 1 PMT 1
FVA"#$%&'#( = PMT - / PVA"#$%&'#( = -1 − /
i i (1 + i)!
PMT PMT
PV+,-+,./0.1 = PV2-340!2 +,-+,./0.1 =
i i−g
CF: CF; CF!
9 PV = :
+ ;
+ ⋯+
i678 (1 + i) (1 + i) (1 + i)!
EAR = 41 + 6 −1 6
m CF!
=9
(1 + i).
.<:
6
CPN Face Value
V=9 .
+ r678 = r ∗ + IP + LP + MRP + DRP
(1 + r= ) (1 + r= ).
.<:
6
;
rN+ = 9 W0 rJ0 Q ∑6
.<:Rr. − r̅ ?@,-?2, T
Estimated σ0 =
0<: N−1
(r: + r; + ⋯ + rE ) PE :/E
r̅ ?-0.C9,.0D = r̅ 2,39,.-0D =4 6 −1
T PF
D: I
\
P3 = D.
𝑟H − g \
P3 = 9
(1 + r).
.<:
MN
NPV = ∑6 !
.<F (:P-)!
WACC = WJ rJ (1 − Tax rate) + WK rK + W+ rL