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We know that receiving $1 today is worth more than $1 in the future. This is due to opportunity costs. The opportunity cost of receiving $1 in the future is the interest we could have earned if we had received the $1 sooner.

Today Future

Today Future

Today Future

Today Future

Today

Future

Future Value

If you deposit $100 in an account earning 6%, how much would you have in the account after 1 year?

If you deposit $100 in an account earning 6%, how much would you have in the account after 1 year?

PV =

0

FV =

1

If you deposit $100 in an account earning 6%, how much would you have in the account after 1 year?

PV = -100

0

FV =

1

If you deposit $100 in an account earning 6%, how much would you have in the account after 1 year?

PV = -100

0

FV = 106

1

If you deposit $100 in an account earning 6%, how much would you have in the account after 1 year?

PV = -100

FV = 106

0 1 Mathematical Solution: FV = PV (FVIF i, n ) FV = 100 (FVIF .06, 1 ) (use FVIF table, or) FV = PV (1 + i)n

1

If you deposit $100 in an account earning 6%, how much would you have in the account after 5 years?

If you deposit $100 in an account earning 6%, how much would you have in the account after 5 years?

PV =

0

FV =

5

If you deposit $100 in an account earning 6%, how much would you have in the account after 5 years?

PV = -100

0

FV =

5

If you deposit $100 in an account earning 6%, how much would you have in the account after 5 years?

PV = -100

0

FV = 133.82

5

If you deposit $100 in an account earning 6%, how much would you have in the account after 5 years?

PV = -100

FV = 133.82

0 5 Mathematical Solution: FV = PV (FVIF i, n ) FV = 100 (FVIF .06, 5 ) (use FVIF table, or) FV = PV (1 + i)n FV = 100 (1.06)5 = $133.82

If you deposit $100 in an account earning 6% with quarterly compounding, how much would you have in the account after 5 years?

If you deposit $100 in an account earning 6% with quarterly compounding, how much would you have in the account after 5 years?

PV =

0

FV =

?

If you deposit $100 in an account earning 6% with quarterly compounding, how much would you have in the account after 5 years?

PV = -100

0

FV =

20

If you deposit $100 in an account earning 6% with quarterly compounding, how much would you have in the account after 5 years?

PV = -100

0

FV = 134.68

20

If you deposit $100 in an account earning 6% with quarterly compounding, how much would you have in the account after 5 years?

PV = -100

FV = 134.68

table)

If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years?

If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years?

PV =

0

FV =

?

If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years?

PV = -100

0

FV =

60

If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years?

PV = -100

0

FV = 134.89

60

If you deposit $100 in an account earning 6% with monthly compounding, how much would you have in the account after 5 years?

PV = -100

0

FV = 134.89

60

table)

What is the FV of $1,000 earning 8% with continuous compounding, after 100 years?

What is the FV of $1,000 earning 8% with continuous compounding, after 100 years?

PV =

0

FV =

?

What is the FV of $1,000 earning 8% with continuous compounding, after 100 years?

PV = -1000

0

FV =

100

What is the FV of $1,000 earning 8% with continuous compounding, after 100 years?

PV = -1000

0

FV = $2.98m

100

Present Value

If you receive $100 one year from now, what is the PV of that $100 if your opportunity cost is 6%?

If you receive $100 one year from now, what is the PV of that $100 if your opportunity cost is 6%?

PV =

0

FV =

?

If you receive $100 one year from now, what is the PV of that $100 if your opportunity cost is 6%?

PV =

0

FV = 100

1

If you receive $100 one year from now, what is the PV of that $100 if your opportunity cost is 6%?

PV = -94.34

0

FV = 100

1

If you receive $100 one year from now, what is the PV of that $100 if your opportunity cost is 6%?

PV = -94.34

FV = 100

0 1 Mathematical Solution: PV = FV (PVIF i, n ) PV = 100 (PVIF .06, 1 ) (use PVIF table, or) PV = FV / (1 + i)n PV = 100 / (1.06)1 = $94.34

If you receive $100 five years from now, what is the PV of that $100 if your opportunity cost is 6%?

If you receive $100 five years from now, what is the PV of that $100 if your opportunity cost is 6%?

PV =

0

FV =

?

If you receive $100 five years from now, what is the PV of that $100 if your opportunity cost is 6%?

PV =

0

FV = 100

5

If you receive $100 five years from now, what is the PV of that $100 if your opportunity cost is 6%?

PV = -74.73

0

FV = 100

5

If you receive $100 five years from now, what is the PV of that $100 if your opportunity cost is 6%?

PV = -74.73

0

FV = 100

5

Mathematical Solution: PV = FV (PVIF i, n ) PV = 100 (PVIF .06, 5 ) (use PVIF table, or) PV = FV / (1 + i)n PV = 100 / (1.06)5 = $74.73

What is the PV of $1,000 to be received 15 years from now if your opportunity cost is 7%?

What is the PV of $1,000 to be received 15 years from now if your opportunity cost is 7%?

PV =

0

FV =

15

What is the PV of $1,000 to be received 15 years from now if your opportunity cost is 7%?

PV =

0

FV = 1000

15

What is the PV of $1,000 to be received 15 years from now if your opportunity cost is 7%?

PV = -362.45

0

FV = 1000

15

What is the PV of $1,000 to be received 15 years from now if your opportunity cost is 7%?

PV = -362.45

FV = 1000

0 15 Mathematical Solution: PV = FV (PVIF i, n ) PV = 100 (PVIF .07, 15 ) (use PVIF table, or) PV = FV / (1 + i)n PV = 100 / (1.07)15 = $362.45

If you sold land for $11,933 that you bought 5 years ago for $5,000, what is your annual rate of return?

If you sold land for $11,933 that you bought 5 years ago for $5,000, what is your annual rate of return?

PV =

0

FV =

5

If you sold land for $11,933 that you bought 5 years ago for $5,000, what is your annual rate of return?

PV = -5000

0

FV = 11,933

5

If you sold land for $11,933 that you bought 5 years ago for $5,000, what is your annual rate of return? Mathematical Solution: PV = FV (PVIF i, n ) 5,000 = 11,933 (PVIF ?, 5 ) PV = FV / (1 + i)n 5,000 = 11,933 / (1+ i)5 .419 = ((1/ (1+i)5) 2.3866 = (1+i)5 (2.3866)1/5 = (1+i) i = .19

Suppose you placed $100 in an account that pays 9.6% interest, compounded monthly. How long will it take for your account to grow to $500?

PV =

0

FV =

Suppose you placed $100 in an account that pays 9.6% interest, compounded monthly. How long will it take for your account to grow to $500?

PV = -100

0

FV = 500

?

Suppose you placed $100 in an account that pays 9.6% interest, compounded monthly. How long will it take for your account to grow to $500?

Mathematical Solution:

PV = FV / (1 + i)n 100 = 500 / (1+ .008)N 5 = (1.008)N ln 5 = ln (1.008)N ln 5 = N ln (1.008) 1.60944 = .007968 N N = 202 months

In every single sum present value and future value problem, there are four variables:

When doing problems, you will be given three variables and you will solve for the fourth variable. Keeping this in mind makes solving time value problems much easier!

The Time Value of Money Compounding and Discounting Cash Flow Streams

Annuities

Annuity:

Annuities

Annuity:

Examples of Annuities:

If

you buy a bond, you will receive equal semi-annual coupon interest payments over the life of the bond. If you borrow money to buy a house or a car, you will pay a stream of equal payments.

Examples of Annuities:

If

you buy a bond, you will receive equal semi-annual coupon interest payments over the life of the bond. If you borrow money to buy a house or a car, you will pay a stream of equal payments.

If you invest $1,000 each year at 8%, how much would you have after 3 years?

If you invest $1,000 each year at 8%, how much would you have after 3 years?

If you invest $1,000 each year at 8%, how much would you have after 3 years?

1000

0 1

1000

2

1000

3

N=3

If you invest $1,000 each year at 8%, how much would you have after 3 years?

1000

0 1

1000

2

1000

3

N=3

If you invest $1,000 each year at 8%, how much would you have after 3 years?

If you invest $1,000 each year at 8%, how much would you have after 3 years? Mathematical Solution:

If you invest $1,000 each year at 8%, how much would you have after 3 years? Mathematical Solution: FV = PMT (FVIFA i, n )

If you invest $1,000 each year at 8%, how much would you have after 3 years? Mathematical Solution: FV = PMT (FVIFA i, n ) FV = 1,000 (FVIFA .08, 3 )

or)

If you invest $1,000 each year at 8%, how much would you have after 3 years? Mathematical Solution: FV = PMT (FVIFA i, n ) FV = 1,000 (FVIFA .08, 3 )

or)

FV = PMT (1 + i)n - 1 i

If you invest $1,000 each year at 8%, how much would you have after 3 years? Mathematical Solution: FV = PMT (FVIFA i, n ) FV = 1,000 (FVIFA .08, 3 )

or)

= $3246.40

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

1000

0 1

1000

2

1000

3

N=3

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

1000

0 1

1000

2

1000

3

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

Mathematical Solution:

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

Mathematical Solution: PV = PMT (PVIFA i, n )

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

Mathematical Solution: PV = PMT (PVIFA i, n ) PV = 1,000 (PVIFA .08, 3 ) (use PVIFA table, or)

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

Mathematical Solution: PV = PMT (PVIFA i, n ) PV = 1,000 (PVIFA .08, 3 ) (use PVIFA table, or)

1

PV = PMT 1i (1 + i)n

What is the PV of $1,000 at the end of each of the next 3 years, if the opportunity cost is 8%?

Mathematical Solution: PV = PMT (PVIFA i, n ) PV = 1,000 (PVIFA .08, 3 ) (use PVIFA table, or) 1 PV = PMT 1i PV = 1000 (1 + i)n

Perpetuities

Suppose

you will receive a fixed payment every period (month, year, etc.) forever. This is an example of a perpetuity. You can think of a perpetuity as an annuity that goes on forever.

When

When

PV = PMT (PVIFA i, n )

Mathematically,

Mathematically, (PVIFA i, n ) =

Mathematically, (PVIFA i, n ) =

1-

1 n (1 + i)

Mathematically, (PVIFA i, n ) =

1-

1 n (1 + i)

i

We said that a perpetuity is an annuity where n = infinity. What happens to this formula when n gets very, very large?

1-

1

So were left with PVIFA =

So,

So,

PMT PV = i

What should you be willing to pay in order to receive $10,000 annually forever, if you require 8% per year on the investment?

What should you be willing to pay in order to receive $10,000 annually forever, if you require 8% per year on the investment?

PV =

PMT i

$10,000 .08

What should you be willing to pay in order to receive $10,000 annually forever, if you require 8% per year on the investment?

PV =

PMT i

$10,000 .08

= $125,000

$1000 $1000 $1000

1000 1000 1000

1000 1000

year 6

1000

year 7

year 5

1000 1000

year 6

1000

year 7

year 5

PV

in END Mode

1000 1000

year 6

1000

year 7

year 5

PV

in END Mode

FV

in END Mode

1000 1000

year 6

1000

year 7

year 8

1000 1000

year 6

1000

year 7

year 8

PV

in BEGIN Mode

1000 1000

year 6

1000

year 7

year 8

PV

in BEGIN Mode

FV

in BEGIN Mode

0 1

1000

2

1000

3

0 1

1000

2

1000

3

0 1

1000

2

1000

3

Using an interest rate of 8%, we find that: The Future Value (at 3) is $3,246.40.

0 1

1000

2

1000

3

Using an interest rate of 8%, we find that: The Future Value (at 3) is $3,246.40. The Present Value (at 0) is $2,577.10.

1000

0

Same

1000

1

1000

2 3

3-year time line, Same 3 $1000 cash flows, but The cash flows occur at the beginning of each year, rather than at the end of each year.

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3?

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3?

-1000

0

-1000

1

-1000

2 3

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3?

-1000

0

-1000

1

-1000

2 3

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3? Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3? Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

FV = PMT (FVIFA i, n ) (1 + i)

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3? Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3? Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

FV = PMT (1 + i)n - 1 (1 + i) i

If you invest $1,000 at the beginning of each of the next 3 years at 8%, how much would you have at the end of year 3? Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

FV = PMT (1 + i)n - 1 (1 + i) i FV = 1,000 (1.08)3 - 1 (1.08) .08

= $3,506.11

What is the PV of $1,000 at the beginning of each of the next 3 years, if your opportunity cost is 8%?

What is the PV of $1,000 at the beginning of each of the next 3 years, if your opportunity cost is 8%?

1000

0

1000

1

1000

2 3

What is the PV of $1,000 at the beginning of each of the next 3 years, if your opportunity cost is 8%?

1000

0

1000

1

1000

2 3

Mathematical Solution:

Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

PV = PMT (PVIFA i, n ) (1 + i)

Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

or)

Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

or)

1 PV = PMT 1i (1 + i)n (1 + i)

Mathematical Solution:

Simply compound the FV of the ordinary annuity one more period:

or)

PV = 1000

= $2,783.26

-10,000

0

Is

2,000

1

4,000

2

6,000

3

7,000

4

this an annuity? How do we find the PV of a cash flow stream when all of the cash flows are different? (Use a 10% discount rate.)

-10,000

0

2,000

1

4,000

2

6,000

3

7,000

4

Sorry!

Theres no quickie for this one. We have to discount each cash flow back separately.

-10,000

0

2,000

1

4,000

2

6,000

3

7,000

4

Sorry!

Theres no quickie for this one. We have to discount each cash flow back separately.

-10,000

0

2,000

1

4,000

2

6,000

3

7,000

4

Sorry!

Theres no quickie for this one. We have to discount each cash flow back separately.

-10,000

0

2,000

1

4,000

2

6,000

3

7,000

4

Sorry!

Theres no quickie for this one. We have to discount each cash flow back separately.

-10,000

0

2,000

1

4,000

2

6,000

3

7,000

4

Sorry!

Theres no quickie for this one. We have to discount each cash flow back separately.

-10,000 2,000

0 1

4,000

2

6,000

3

7,000

4

period CF PV (CF) 0 -10,000 -10,000.00 1 2,000 1,818.18 2 4,000 3,305.79 3 6,000 4,507.89 4 7,000 4,781.09 PV of Cash Flow Stream: $ 4,412.95

Which is the better loan: 8% compounded annually, or 7.85% compounded quarterly? We cant compare these nominal (quoted) interest rates, because they dont include the same number of compounding periods per year! We need to calculate the APY.

APY =

(1+

quoted rate m

)m- 1

APY =

(1+

quoted rate m

)m- 1

APY =

(1+

(

quoted rate m

)m- 1

4

APY =

.0785 1+ 4

- 1

APY =

(1+

(

quoted rate m

)m- 1

4

APY =

.0785 1+ 4

- 1

APY =

(1+

(

quoted rate m

)m- 1

4

APY =

.0785 1+ 4

- 1

The quarterly loan is more expensive than the 8% loan with annual

Practice Problems

Example

Cash

flows from an investment are expected to be $40,000 per year at the end of years 4, 5, 6, 7, and 8. If you require a 20% rate of return, what is the PV of these cash flows?

Example

Cash

flows from an investment are expected to be $40,000 per year at the end of years 4, 5, 6, 7, and 8. If you require a 20% rate of return, what is the PV of these cash flows?

0

1

$0

0

0

2

0

3

40

4

40

5

40

6

40

7

40

8

$0 0

0 1

This

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

How to solve: 1) Discount each cash flow back to time 0 separately. Or,

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

2) Find the PV of the annuity: PV: End mode; P/YR = 1; I = 20; PMT = 40,000; N = 5 PV = $119,624

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

2) Find the PV of the annuity: PV3: End mode; P/YR = 1; I = 20; PMT = 40,000; N = 5 PV3= $119,624

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

119,624

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

119,624

Then discount this single sum back to time 0. PV: End mode; P/YR = 1; I = 20;

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

69,226

119,624

$0 0

0 1

0 2

0 3

40 4

40 5

40 6

40 7

40 8

69,226

The

119,624

PV of the cash flow stream is $69,226.

Retirement Example

After

graduation, you plan to invest $400 per month in the stock market. If you earn 12% per year on your stocks, how much will you have accumulated when you retire in 30 years?

Retirement Example

After

graduation, you plan to invest $400 per month in the stock market. If you earn 12% per year on your stocks, how much will you have accumulated when you retire in 30 years?

400 400 2 400 3 400

. . . 360

400

0 1

400 2

400 3

400

. . . 360

400

0

Using

400 2

400 3

400

. . . 360

Retirement Example If you invest $400 at the end of each month for the next 30 years at 12%, how much would you have at the end of year 30?

Retirement Example If you invest $400 at the end of each month for the next 30 years at 12%, how much would you have at the end of year 30? Mathematical Solution:

Retirement Example If you invest $400 at the end of each month for the next 30 years at 12%, how much would you have at the end of year 30? Mathematical Solution:

FV = PMT (FVIFA i, n )

Retirement Example If you invest $400 at the end of each month for the next 30 years at 12%, how much would you have at the end of year 30? Mathematical Solution:

FV = 400 (1.01)360 - 1 .01

= $1,397,985.65

If you borrow $100,000 at 7% fixed interest for 30 years in order to buy a house, what will be your monthly house payment?

If you borrow $100,000 at 7% fixed interest for 30 years in order to buy a house, what will be your monthly house payment?

?

0 1

? 2

? 3

?

. . . 360

?

0

Using

? 2

? 3

?

. . . 360

Mathematical Solution:

Mathematical Solution: PV = PMT (PVIFA i, n )

Mathematical Solution: PV = PMT (PVIFA i, n ) 100,000 = PMT (PVIFA .07, 360 )

table)

Mathematical Solution: PV = PMT (PVIFA i, n ) 100,000 = PMT (PVIFA .07, 360 )

table)

Mathematical Solution: PV = PMT (PVIFA i, n ) 100,000 = PMT (PVIFA .07, 360 )

table)

i

1 (1.005833 )360

Team Assignment

Upon retirement, your goal is to spend 5 years traveling around the world. To travel in style will require $250,000 per year at the beginning of each year. If you plan to retire in 30 years, what are the equal monthly payments necessary to achieve this goal? The funds in your retirement account will compound at 10%

27 28 29 30 31 32 33 34 35

How

PV30

= 250,000 (3.7908) (1.10)

= =

27 28 29 30 31 32 Using your calculator, 33 34 35

27 28 29 30 31 32 33 34 35

1,042,466

Now,

assuming 10% annual compounding, what monthly payments will be required for you to have $1,042,466 at the end of year 30?

27 28 29 30 31 32 33 34 35

1,042,466

Mode = END N = 360 I%YR = 10 P/YR = 12 FV = $1,042,466 PMT = -$461.17

So, you would have to place $461.17 in your retirement account, which earns 10% annually, at the end of each of the next 360 months to finance the 5-year world tour.

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