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Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 1

.

Chapter Organisation

5.1 Future value and compounding

5.2 Present value and discounting

5.3 More on present and future values

5.4 Present and future values of multiple cash

flows

5.5 Valuing equal cash flows: annuities and

perpetuities

5.6 Comparing rates: the effect of

compounding periods

5.7 Loan types and loan amortisation

Summary and conclusions

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 2

.

Chapter Objectives

Understand how to determine the future value of an investment

made today.

Understand how to determine the present value of cash to be

received at a future date.

Understand how to find the return on an investment.

Understand how long it takes for an investment to reach a desired

value.

Understand how to determine the future and present value of

investments with multiple cash flows.

Understand how loan payments are calculated, and how to find

the interest rate on a loan.

Understand how loans are amortised or paid off.

Understand how interest rates are quoted (and misquoted).

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 3

.

The Interest Rate

Obviously, $10,000 today.

You already recognize that there is

TIME VALUE TO MONEY!!

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

Which would you prefer -- $10,000

today or $10,000 in 5 years?

.

Why TIME?

Why is TIME such an important element in

your decision?

TIME allows you the opportunity to

postpone consumption and earn

INTEREST.

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

.

Types of Interest

Simple Interest

Interest paid (earned) on only the

original amount, or principal, borrowed

(lent).

Compound Interest

Interest paid (earned) on any previous

interest earned, as well as on the

principal borrowed (lent).

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

.

Time Value Terminology

Future value (FV) is the amount an investment

is worth after one or more periods.

Present value (PV) is the amount that

corresponds to todays value of a promised

future sum.

The number of time periods between the

present value and the future value is

represented by t.

The rate of interest for discounting or

compounding is called r.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 7

.

Time Value Terminology

Compounding is the process of accumulating

interest in an investment over time, to earn more

interest.

Interest on interest is earned on the reinvestment

of previous interest payments.

Discount rate is the interest rate that reduces a

given future value to an equivalent present value.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 8

.

Simple Interest Formula

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

Formula SI = P

0

(r)(t)

SI: Simple Interest

P

0

: Deposit today (t=0)

r: Interest Rate per Period

t: Number of Time Periods

.

Simple Interest Example

Assume that you deposit $100 in an

account earning 10% simple interest

for 5 years. What is the accumulated

interest at the end of the 5th year?

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

SI = P

0

(r)(t )

= $100(.10)(5)

= $50

.

Simple Interest Example

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

FV = P

0

+ SI

= $100 + $50

= $150

What is the Future Value (FV) of the

deposit?

.

Future Value with compounding

You invest $100 in a savings account that earns 10

per cent interest per annum (compounded) for five

years.

After one year: $100 (1 + 0.10) = $110

After two years: $110 (1 + 0.10) = $121

After three years: $121 (1 + 0.10) = $133.10

After four years: $133.10 (1 + 0.10) = $146.41

After five years: $146.41 (1 + 0.10) = $161.05

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 12

.

Simple Vs Compound Interest

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

.

Future Values of $100 at 10%

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 14

.

Future Value with Compounding

The accumulated value of this investment at the

end of five years can be split into two

components:

original principal $100.00

interest earned $61.05

Using simple interest, the total interest earned

would only have been $50. The other $11.05 is

from compounding.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 15

.

Future Value

In general, the future value, FV

t

, of $1 invested

today at r per cent for t periods is:

The expression (1 + r)

t

is the future value

interest factor (FVIF).

You can also refer to Future Value table for

calculating the future values.

( )

t

t

r + = 1 $1 FV

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 16

.

ExampleFuture Value

What will $1000 amount to in five years time if

interest is 6 per cent per annum, compounded

annually?

From the example, now assume interest is 6 per

cent per annum, compounded monthly.

Always remember that t is the number of

compounding periods, not the number of years.

( )

338.22 $1

1.3382 000 $1

0.06 1 000 $1 FV

5

=

=

+ =

( )

348.90 $1

1.3489 000 $1

0.005 1 000 $1 FV

60

=

=

+ =

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 17

.

Future Value of $1 for Different

Periods and Rates

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 18

.

Present Value

You need $1000 in five years time. If you can

earn10 per cent per annum, how much do you

need to invest now?

Discount one year: $1000 (1 + 0.10)

1

= $909.09

Discount two years: $909.09 (1 + 0.10)

1

= $826.45

Discount three years: $826.45 (1 + 0.10)

1

= $751.32

Discount four years: $751.32 (1 + 0.10)

1

= $683.02

Discount five years: $683.02 (1 + 0.10)

1

= $620.93

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 19

.

Present Value

In general, the present value of $1 received in t

periods of time, earning r per cent interest is:

The expression (1 + r)

t

is the present value

interest factor (PVIF).

You can also refer to Present Value table for

calculating the present values.

( )

( )

t

t

r

r

+

=

+ =

1

$1

1 $1 PV

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 20

.

ExamplePresent Value

Your rich uncle promises to give you $100,000 in

10 years time. If interest rates are 6 per cent per

annum, how much is that gift worth today?

( )

840 $55

0.5584 000 $100

0.06 1 000 $100 PV

10

=

=

+ =

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 21

.

Present Value of $1 for Different

Periods and Rates

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 22

.

Determining the Discount Rate

You currently have $100 available for investment

for a 21-year period. At what interest rate must

you invest this amount in order for it to be worth

$500 at maturity?

r can be solved in one of two ways:

Take the n

th

root of both sides of the equation

Use the future value tables to find a corresponding

value. In this example, you need to find the r for

which the FVIF after 21 years is 5 (500/100).

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 23

.

Future Value of Multiple Cash Flows

You deposit $1 000 now, $1 500 in one more

year, $2 000 in two years and $2 500 in three

years in an account paying 10 per cent interest

per annum. How much do you have in the

account at the end of the third year?

You can solve by either:

compounding the accumulated balance

forward one year at a time

calculating the future value of each cash

flow first, and then totaling them.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 24

.

Solutions

Solution 1

End of year 1: ($1 000 1.10) + $1 500 = $2 600

End of year 2: ($2 600 1.10) + $2 000 = $4 860

End of year 3: ($4 860 1.10) + $2 500 = $7 846

Solution 2

$1 000 (1.10)

3

= $1 331

$1 500 (1.10)

2

= $1 815

$2 000 (1.10)

1

= $2 200

$2 500 1.00 = $2 500

Total = $7 846

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 25

.

Solutions on Time Lines

Future value calculated by compounding forward one period at a

time

Time

(years)

0 1 2 3

$0

1000

$1000

$1100

1500

$2600

$2860

2000

$4860

$5346

2500

$7846

x 1.1 x 1.1 x 1.1

Time

(years)

0 1 2 3

$1000 $1500 $2000

$2500

2200

1815

1331

$7846

x 1.1

3

x 1.1

2

x 1.1

Total future value

Future value calculated by compounding each cash flow

separately

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 26

.

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

.

Present Value of Multiple Cash Flows

You will deposit $1 500 in one years time from

now, $2 000 in two years time and $2 500 in

three years time, in an account paying 10 per

cent interest per annum. What is the present

value of these cash flows?

You can solve by either:

discounting back one year at a time

calculating the present value of each cash

flow first, and then totaling them.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 28

.

Solutions

Solution 1

End of year 2: ($2500 1.10

1

) + $2000= $4273

End of year 1: ($4273 1.10

1

) + $1500= $5385

Present value: ($5385 1.10

1

) + $1000= $5895

Solution 2

$2500 (1.10)

3

= $1878

$2000 (1.10)

2

= $1653

$1500 (1.10)

1

= $1364

$1000 (1.0) = $1000

Total = $5895

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 29

.

Annuities

An ordinary annuity is a series of equal cash

flows that occur at the end of each period for

some fixed number of periods.

Examples include consumer loans and home

mortgages.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 30

.

Future Value of an Annuity

C = equal cash flow

The compounding term is called the future

value interest factor for annuities (FVIFA).

You can also refer to Future Value Annuity

table for calculating the future value of

annuity.

( ) | |

r

r

C

t

1 1

FVA

+

=

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 31

.

What is the future value of $1 000 deposited at

the end of every year for 20 years if the interest

rate is 6 per cent per annum?

| |

785.60 $36

36.7856 000 $1

0.06

1 (1.06)

000 $1 FVA

20

=

=

=

ExampleFuture Value of an

Annuity

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 32

.

Present Value of an Annuity

C = equal cash flow

The discounting term is called the present

value interest factor for annuities (PVIFA).

You can also refer to Present Value Annuity

table for calculating the present value of

annuity

( ) { }

(

+

=

r

r

C PVA

t

1 1/ 1

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 33

.

Example 1

You will receive $1 000 at the end of each of

the next ten years. The current interest rate is

6 per cent per annum. What is the present

value of this series of cash flows?

( ) { }

360.10 $7

7.3601 000 $1

0.06

1.06 1/ 1

000 $1 PVA

10

=

=

(

=

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 34

.

Example 2

You borrow $10 000 to buy a car and agree

to repay the loan by way of equal monthly

repayments over four years. The current

interest rate is 12 per cent per annum,

compounded monthly. What is the amount

of each monthly repayment?

( ) { }

$263.33

37.97 000 $10

0.01

1.01 1/ 1

000 $10

48

=

=

(

=

C

C

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 35

.

Perpetuities

The future value of a perpetuity cannot be

calculated, as the cash flows are infinite.

The present value of a perpetuity is calculated

as follows:

where C is cash flow

and r is rate.

r

C

= PV

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 36

.

Comparing Rates

The quoted or stated interest rate is the

interest rate expressed in terms of the

interest payment made each year.

The effective annual interest rate (EAR) is

the interest rate expressed as if it was

compounded once per year.

When interest is compounded more

frequently than annually, the EAR will be

greater than the quoted interest rate.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 37

.

Calculation of EAR

1

m

Rate Quoted

1 EAR

m

+ =

m = number of times the interest is compounded

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 38

.

Comparing EARS

Consider the following interest rates quoted

by three banks:

Bank A: 8.3%, compounded daily

Bank B: 8.4%, compounded quarterly

Bank C: 8.5%, compounded annually

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 39

.

Comparing EARS

8.50% 1

1

0.085

1 EAR

8.67% 1

4

0.084

1 EAR

8.65% 1

365

0.083

1 EAR

1

C Bank

4

B Bank

365

A Bank

=

(

+ =

=

(

+ =

=

(

+ =

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 40

.

Comparing EARS

Which is the best rate? For a saver, Bank B

offers the best (highest) interest rate. For a

borrower, Banks A and C offer the best (lowest)

interest rates.

The highest quoted interest rate is not

necessarily the best.

Compounding during the year can lead to a

significant difference between the quoted

interest rate and the EAR, especially for higher

rates.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 41

.

Annual Percentage Rate (APR)

The interest rate charged per period

multiplied by the number of periods

per year.

Copyright 2011 McGraw-Hill Australia Pty Ltd PPTs to accompany Fundamentals of Corporate

Finance 5e by Ross et al

1

m

APR

1 EAR

m

+ =

m = number of times the interest is compounded

.

Types of Loans

An interest-only loan requires the borrower to

only pay interest each period, and to repay

the entire principal at some point in the

future.

An amortised loan requires the borrower to

repay parts of both the principal and interest

over time.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 43

.

Amortisation of a Loan

Year Beginning

Balance

Total

Payment

Interest

Paid

Principal

Paid

Ending

Balance

1 $5000.00 $1285.46 $450.00 $835.46 $4164.54

2 $4164.54 $1285.46 $374.81 $910.65 $3253.89

3 $3253.89 $1285.46 $292.85 $992.61 $2261.28

4 $2261.28 $1285.46 $203.52 $1081.94 $1179.33

5 $1179.33 $1285.46 $106.13 $1179.33 $0.00

Totals $6427.30 $1427.30 $5000.00

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 44

.

Quick Quiz Part I

What is the difference between simple interest

and compound interest?

Suppose you have $500 to invest and you

believe that you can earn 8% per year over the

next 15 years.

How much would you have at the end of

15 years using compound interest?

How much would you have using simple

interest?

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 45

.

Quick Quiz Part II

What is the relationship between present

value and future value?

Suppose you need $15 000 in 3 years. If you

can earn 6% annually, how much do you

need to invest today?

If you could invest the money at 8%, would

you have to invest more or less than at 6%?

How much?

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 46

.

Quick Quiz Part III

What are some situations in which you might

want to know the implied interest rate?

You are offered the following investments:

You can invest $500 today and receive

$600 in 5 years. The investment is low

risk.

You can invest the $500 in a bank

account paying 4%.

What is the implied interest rate for the

first choice, and which investment should

you choose?

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 47

.

Quick Quiz Part IV

When might you want to compute the

number of periods?

Suppose you want to buy some new

furniture for your family room. You currently

have $500, and the furniture you want costs

$600. If you can earn 6%, how long will you

have to wait if you dont add any additional

money?

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 48

.

Comprehensive Problem

You have $10 000 to invest for five years.

How much additional interest will you earn if

the investment provides a 5% annual return,

when compared to a 4.5% annual return?

How long will it take your $10 000 to double

in value if it earns 5% annually?

What annual rate has been earned if $1 000

grows into $ 4 000 in 20 years?

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 49

.

Summary and Conclusions

For a given rate of return, the value at some point in the

future of an investment made today can be determined by

calculating the future value of that investment.

The current worth of a future cash flow or series of cash

flows can be determined for a given rate of return by

calculating the present value of the cash flow(s) involved.

It is possible to find any one of the four components

(PV, FV, r, t) given the other three.

A series of constant cash flows that arrive or are paid at the

end of each period is called an ordinary annuity.

For financial decisions, it is important that any rates are

converted to effective rates before being compared.

Copyright 2011 McGraw-Hill Australia Pty Ltd

PPTs to accompany Fundamentals of Corporate Finance 5e, by Ross, et al.

Slides prepared by Tim Whittaker 5 - 50

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