TATAP MUKA 3-4

KONSEP NILAI WAKTU DARI UANG

Pokok Bahasan:
1. Nilai Waktu Uang
2. Nilai Sekarang dan Nilai Mendatang
3. Nilai Anuitas
Tujuan Instruksional Khusus:
1. Menghitung nilai uang, nilai sekarang dan nilai mendatang
2. Menghitung nilai anuitas, perpetuitas dan amortisasi hutang
Referensi:
1. Gitman, Lawrence J., Chad J. Zutter (2015), “Principles of
Managerial Finance”, 12th ed., Addison-Wesley Word
Student.
2. Ross, Stephen A., (2009), “Modern Financial Management”.
8th ed., McGraw-Hill.

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 1

 The Time Value of Money

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 2 2

 The Role of Time Value in Finance
• Most financial decisions involve costs & benefits that
are spread out over time.
• Time value of money allows comparison of cash flows
from different periods.
• Ketika membandingkan arus kas yang mengandung
risiko, arus kas yang datang lebih awal memiliki nilai
manfaat yang lebih besar dibanding arus kas yang
datang kemudian. Why?

Answer!
It depends on the interest rate!
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 3
 FAKTOR-FAKTOR YANG MENYEBABKAN
NILAI UANG MENURUN:

• INFLASI, yaitu kenaikan harga secara umum dalam ekonomi. Ketika

harga naik, maka nilai uang menurun. Daya beli uang saat ini lebih tinggi
daripada esok.
Contoh: jika harga naik 5% setahun maka Rp 100 saat ini akan
terdepresiasi menjadi Rp 95 setahun mendatang.
• RISIKO, yaitu ketidakpastian pada masa yad, risikopun bertambah
menurut waktu. Untuk menghindari risiko maka orang menginginkan
uang kas hari ini daripada uang kas di masa mendatang.
• PREFERENSI LIKUIDITAS, mengacu pada seberapa mudah aktiva
dikonversi menjadi kas. Investor lebih suka pegang uang kas segera
untuk keadaan yang tidak diharapkan daripada simpan dana untuk waktu
mendatang.

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 4

 The Time Value of Money

Compounding and
Discounting Single Sums

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 5

 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

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 6

 If we can measure this opportunity cost,
we can:

• Translate $1 today into its equivalent in the future

(compounding).
Today Future

?
• Translate $1 in the future into its equivalent today
(discounting).

Today Future

FINANCIAL
MANAGEMENT
? Dr. Ir. R L TOBING, MM, CRMO 7
 Future Value

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 8 8

 Future Value - single sums:
If you deposit $100 in an account earning 6%, how
much would you have in the account after 1 year?

PV = 100 FV = ?

0 1
Mathematical Solution:
FV = PV (1 + i)n
FV = 100 (1 + 0.06)1 = $106
use FVIF table: FV = PV (FVIFi, n)
FV = 100 (FVIF .06, 1)
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 9
 Future Value - single sums
If you deposit $100 in an account earning 6%, how
much would you have in the account after 5 years?

PV = 100 FV =

0 5
Mathematical Solution:

FV = 100 (1.06)5 = $133.82

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 10

 Future Value - single sums
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 =

0 20
Mathematical Solution:

FV = PV (1 + i/m) m x n
FV = 100 (1 + 0.06/4) 4x5 = $134.68

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 11

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 FV =

0 60
Mathematical Solution:

FV = PV (1 + 0.06/12) 12 x 5
FV = 100 (1.005)60 = $134.89

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 12

 Present Value

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 13

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

PV = ? 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
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 14
 Present Value - single sums
If you receive $100 five years from now, what is the
PV of that $100 if your opportunity cost is 6%?

PV = FV = 100

0 5
Mathematical Solution:

PV = 100 / (1.06)5 = $74.73

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 15

 Present Value - single sums
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 FV = 11,933

0 5
Mathematical Solution:

5,000 = 11,933 (PVIF ?, 5 )

5,000 = 11,933 / (1+ i)5
0.419 = ((1/ (1+i)5)  2.3866 = (1+i)5
(2.3866)1/5 = (1+i)  i = 0.19

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 16

 The Time Value of Money

Compounding and
Discounting
Cash Flow Streams

0 1 2 3 4
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 17
 Annuities
• Annuity: a sequence of equal cash
flows, occurring at the end of each
period.

0 1 2 3 4
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 18
 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.

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 19

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

1000 1000 1000

0 1 2 3

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 20

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

1000 1000 1000

0 1 2 3

FINANCIAL Dr. Ir. R L TOBING, MM, CRMO 21 21

MANAGEMENT
 Time Value Terms
• PV = present value or beginning amount
• i = interest rate
• FVn = future value at end of “n” periods
• n = number of compounding periods
• A = an annuity (series of equal payments or
receipts)

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 22

 Four Basic Models
• NILAI MENDATANG (FUTURE VALUE/FV):

FVn = PV(1+i)n = PV(FVIFi,n)

• NILAI SEKARANG (PRESENT VALUE/PV):

PV = FVn[1/(1+i)n] = FV(PVIFi,n)

• NILAI MENDATANG ANUITAS (FV ANNUITY):

FVAn = A [(1+i)n – 1] = A (FVIFAi,n)

i
. NILAI SEKARANG ANUITAS (PV ANNUITY):

PVA = A [1 - [1/(1+i)n] = A (PVIFAi,n)

i

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 23

 Compounding More Frequently
than Annually
• Compounding more frequently than once a year
results in a higher effective interest rate because you
are earning on interest on interest more frequently.
• As a result, the effective interest rate is greater than the
nominal (annual) interest rate.
• Furthermore, the effective rate of interest will increase
the more frequently interest is compounded.

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 24

 Compounding More Frequently
than Annually
• For example, what would be the difference in future
value if I deposit $100 for 5 years and earn 12% annual
interest compounded (a) annually, (b) semiannually,
(c) quarterly, an (d) monthly?
Annually: 100 x (1 + 0,12)5 = $176,23
Semiannually: 100 x (1 + 0,06)10 = $179,09
Quarterly: 100 x (1 + 0,03)20 = $180,61
Monthly: 100 x (1 + 0,01)60 = $181,67

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 25

 Continuous Compounding
• With continuous compounding the number of
compounding periods per year approaches infinity.
• Through the use of calculus, the equation thus becomes:

FVn (continuous compounding) = PV x (eixn)

where “e” has a value of 2,7183.

• Continuing with the previous example, find the Future

value of the $100 deposit after 5 years if interest is
compounded continuously.

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 26

 Continuous Compounding
• With continuous compounding the number of
compounding periods per year approaches infinity.
• Through the use of calculus, the equation thus
becomes:
FVn (continuous compounding) = PV x (eixn)
where “e” has a value of 2,7183.

FVn = 100 x (2,7183)0,12x5 = $182,22

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 27

 Nominal & Effective Rates
• The nominal interest rate is the stated or
contractual rate of interest charged by a
lender or promised by a borrower.
• The effective interest rate is the rate actually
paid or earned.
• In general, the effective rate > nominal rate
whenever compounding occurs more than
once per year

EAR = (1 + i/m) m - 1

FINANCIAL Dr. Ir. R L TOBING, MM, CRMO 28

MANAGEMENT
 Nominal & Effective Rates

• For example, what is the effective rate of

interest on your credit card if the nominal rate
is 18% per year, compounded monthly?

EAR = (1 + 0,18/12) 12 -1
EAR = 19,56%

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 29

 Present Value of a Perpetuity

• A perpetuity is a special kind of annuity

• With a perpetuity, the periodic annuity or cash flow

stream continues forever.

PV = Annuity/i
• For example, how much would I have to deposit today
in order to withdraw $1,000 each year forever if I can
earn 8% on my deposit?

PV = $1.000/0,08 = $12.500
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 30
 House Payment Example
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?

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 31

 House Payment Example

Mathematical Solution:

PV = A (PVIFA i, n )
100,000 = A (PVIFA .07, 360 )

PV = A [ (1 – {1/(1 + i)n})/ i]

100,000 = A [(1 – {1/(1.005833)360})/ 0.005833]

A = $665.30
Amortisasi hutang adalah perhitungan bunga dan saldo hutang yang
dibayarkan secara angsuran dengan jumlah tetap.

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 32 32

 LATIHAN SOAL:
• SOAL 1: Untuk melakukan rencana penambahan kamar
hotelnya 5 tahun mendatang, manajer hotel LFL
mempertimbangkan penyisihan laba tahunannya untuk
ditabung setiap akhir tahun sejumlah Rp 50 juta, dengan
tingkat suku bunga simpanan 7% per tahun. Namun sang
pemilik hotel memerintahkan untuk menabung setiap
akhir semester saja sejumlah Rp 25 juta selama lima
tahun. Pertimbangan siapa yang dapat menghasilkan
pemajemukan lebih besar pada akhir tahun kelima?
• SOAL 2: Cesily ingin memiliki uang sebesar Rp 1 milyar
5 tahun lagi. Tingkat bunga deposito saat ini 6% per
tahun dan diperkirakan akan tetap selama 5 tahun yad.
Berapa ia harus menabung selama 5 tahun kedepan;
setiap (a) akhir tahun, (b) akhir bulan, (c) awal tahun?
FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 33
 LATIHAN SOAL
• SOAL 3: Regina meminjam uang untuk mengembang-
kan usaha restaurannya sebesar Rp 150 juta selama 4
tahun. Bank menetapkan bunga 12% per tahun dengan
angsuran tetap setiap akhir tahun. Bantulah Regina
membuat tabel amortisasi hutangnya tersebut!

• SOAL 4: Levitania bermaksud mencicil sebuah sepeda

motor baru selama 3 tahun. Harga tunai motor Rp 12,9
juta. Besarnya angsuran setiap bulan adalah Rp 500
ribu. Uang muka sebesar Rp 700 ribu sudah termasuk
cicilan bulan pertama. Berapa tingkat bunga per bulan?
Bila ada sebuah bank menawarkan pinjaman dengan
bunga 18% per tahun, apa yang sebaiknya dilakukan
Levitania?

FINANCIAL MANAGEMENT Dr. Ir. R L TOBING, MM, CRMO 34