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- Chapter_6_Time Value of Money
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• and crunch the numbers

#5 The time value of money

LOS 5.a - Interest rate interpretation

Concept checkers

Time Lines

Cash Inflow: positive; you receive money

Cash Outflow: negative; you pay money

Present value (PV): discount all future cash flows into today’s value

Future value (FV): compound all cash flows to the value of a future date

I/Y = Interest rate of compounding periods

PMT = Payment, periodic cash flow

CPT = compute

Time Lines

T = 0, today, cash outflow = 1000

Time length : 8 years

At the end of each year : cash inflow = 600

Blue numeric numbers from 1 to 8: end of 1st year … end of 8th year

End of year i = beginning of year i+1

0 1 2 3 4 5 6 7 8

-1000

LOS 5.a Interpret interest rates as required rates of return, discount rates, or

opportunity costs

LOS 5.a Interpret interest rates as required rates of return, discount rates,

or opportunity costs

on the previous period's interest earnings.

Required rate of return: the required return at which investors will invest

Discount rates: borrow rate of investors from banks, as he will pay the interest

Opportunity cost of current consumption: This is value of the best alternative

foregone, or in other words, this is the return of something else that you have to

give up when consume in this project.

LOS 5.b Explain an interest rate as the sum of a real risk-free rate, and

premiums that compensate investors for bearing distinct types of risk

LOS 5.b Explain an interest rate as the sum of a real risk-free rate, and premiums that

compensate investors for bearing distinct types of risk

Risk free rate: The interest rate without any potential risks

Nominal risk-free rate = real risk-free rate + expected inflation rate (e.g., U.S.

Treasury bill (T-bills) )

Real risk-free rate: , if the risk-free rate of return is 3% and the inflation rate is 2%,

the real risk-free rate of return is 1%.

Types of risks (risks of securities contain the first three types of risks):

Default risk: ex. Firms unable to pay back its debt (bonds)

Liquidity risk: ex. Sell securities for cash less than fair value in illiquid markets

Maturity risk: ex. Long term bonds are more volatile

Exchange rate risk: change in exchange rate if you buy or sell in foreign

currency.

….

Required interest rate: the sum of nominal risk-free rate and risk premiums

Nominal risk-free rate +

Default risk premium +

Liquidity premium +

Maturity risk premium…

(premium: additional part as compensation for additional risk)

LOS 5.c Calculate and interpret the effective annual rate, given the stated

annual interest rate and the frequency of compounding

LOS 5.c Calculate and interpret the effective annual rate, given the stated annual interest rate

and the frequency of compounding

Stated annual interest rate: or quoted interest rate, is the interest rate announced

by financial institutions yearly.

Effective annual rate (EAR): the annual rate of return actually being earned after

adjustments have been made for different compounding periods

Periodic rate: stated annual rate divided by m

m: the number of compounding periods per year

LOS 5.c Calculate and interpret the effective annual rate, given the stated annual interest rate

and the frequency of compounding

Effective annual rate (EAR): the annual rate of return actually being earned after

adjustments have been made for different compounding periods

Periodic rate: stated annual rate divided by m

m: the number of compounding periods per year

LOS 5.c Calculate and interpret the effective annual rate, given the stated annual interest rate

and the frequency of compounding

LOS 5.c Calculate and interpret the effective annual rate, given the stated annual interest rate

and the frequency of compounding

LOS 5.c Calculate and interpret the effective annual rate, given the stated annual interest rate

and the frequency of compounding

LOS 5.d Solve time value of money problems for different frequencies of compounding

We need to consider the case of compounding periods are other than annual, or the frequencies of

compounding are different than annual.

LOS 5.d Solve time value of money problems for different frequencies of compounding

LOS 5.d Solve time value of money problems for different frequencies of compounding

LOS 5.d Solve time value of money problems for different frequencies of compounding

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a

single sum of money, an ordinary annuity, an annuity due, a perpetuity (PV

only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Future value of a single sum: this value determines the value of an investment at the

end of project with n compounding periods.

𝐹𝑉 = 𝑃𝑉 × (1 + 𝐼|𝑌)𝑁

PV = present value

I|Y = rate of return per compounding period

N = total number of compounding periods

(this expression only considers one cash outflow of PV at t=0; FV is the value of this

investment at the end of period N)

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

𝐹𝑉 = 𝑃𝑉 × (1 + 𝐼|𝑌)𝑁

PV = present value

I|Y = rate of return per compounding period

N = total number of compounding periods

(this expression only considers one cash outflow of PV at t=0; FV is the value of this

investment at the end of period N)

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

𝐹𝑉

𝑃𝑉 =

(1+𝐼|𝑌)𝑁

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

𝐹𝑉

𝑃𝑉 =

(1+𝐼|𝑌)𝑁

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

𝐹𝑉

𝑃𝑉 =

(1+𝐼|𝑌)𝑁

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Annuities: An annuity is a series of equal dollar payments that are made at the end of

equidistant points in time such as monthly, quarterly, or annually over a finite period of

time.

Ex. Receiving $1000 per year at the end of next 8 years

Ordinary annuities: If payments are made at the end of each period, the annuity is

referred to as ordinary annuity.

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

You can use the formula in previous slide or use calculator to crunch the

result as follows:

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate

and interpret the

future value (FV)

and present value

(PV) of a single

sum of money, an

ordinary annuity,

an annuity due, a

perpetuity (PV

only), and a series

of unequal cash

flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Annuity Due: is an annuity in which all the cash flows occur at the beginning of

the period.

For example, rent payments on apartments are typically annuity due as rent is paid

at the beginning of the month.

cash flows for one additional period, beyond an ordinary annuity.

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Method 1: Set to BGN mode (button press [2ND] [PMT], [2ND] [ENTER]; screen upper

right corner will appear BGN)

Method 2: By default END mode, compute as normal annuity, then convert to annuity

due by the formula below:

𝐹𝑉𝐴𝐷 = 𝐹𝑉𝐴𝑂 × (1 + 𝐼|𝑌)

0 1 2 3

0 1 2 3

FVA(O)

LOS 5.e Calculate

and interpret the

future value (FV)

and present value

(PV) of a single sum

of money, an

ordinary annuity,

an annuity due, a

perpetuity (PV

only), and a series

of unequal cash

flows

LOS 5.e Calculate

and interpret the

future value (FV)

and present value

(PV) of a single sum

of money, an

ordinary annuity,

an annuity due, a

perpetuity (PV

only), and a series

of unequal cash

flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Method 1: Set to BGN mode (button press [2ND] [PMT], [2ND] [ENTER]; screen upper

right corner will appear BGN)

Method 2: By default END mode, compute as normal annuity, then convert to annuity

due by the formula below:

𝑃𝑉𝐴𝐷 = 𝑃𝑉𝐴𝑂 × (1 + 𝐼|𝑌)

0 1 2 3

PVA(D)

0 1 2 3

PVA(O)

LOS 5.e Calculate

and interpret the

future value (FV)

and present value

(PV) of a single sum

of money, an

ordinary annuity,

an annuity due, a

perpetuity (PV

only), and a series

of unequal cash

flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Perpetuity: When a constant cash flow (C) will occur at regular intervals

forever it is called a perpetuity. Perpetuity is continuous and has no end,

therefore, there is no future value of perpetuity.

𝑃𝑀𝑇

𝑃𝑉𝑝𝑒𝑟𝑝𝑒𝑡𝑢𝑖𝑡𝑦 =

𝐼|𝑌

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

N= 9999; I|Y = 8; PMT = 4.5; FV = 0; [CPT][PV] = -56.25

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

𝑃𝑀𝑇

𝑃𝑉𝑝𝑒𝑟𝑝𝑒𝑡𝑢𝑖𝑡𝑦 =

𝐼|𝑌

N= 9999; PV = -75; PMT = 4.5; FV = 0; [CPT][I|Y] = 6

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

+4000

+3500

+2000

0 1 2 3 4 5 6

-500

-1000

Year 3: 0 cash flow

Year 4, 5 and 6: positive cash flows

Compute the FV for each cash flow: compound each flow to year 6

Sum up them

σ𝑛𝑖=1 𝐶𝑜𝑚𝑝𝑜𝑢𝑛𝑑 𝐶𝐹𝑖

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

LOS 5.e Calculate and interpret the future value (FV) and present value (PV) of a single sum of money,

an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows

Applications

$2,500 is deposited today and the account earns 4%,

compounded annually? Quarterly?

Applications

compounded annually, how much will you have at the end of

10 years ? 50 years? 100 years?

Applications

end of 5 years if $100,000 is deposited and interest is 4% per

year, compounded continuously?

Applications

amount deposited today is $10,000 and interest is 8% per

year, compounded semi-annually ?

Applications

Suppose you want to have 0.5$ million saved by the time you

reach age 30 and suppose that you are 20 years old today. If

you can earn 5% on your funds, how much would you have to

invest today to reach your goal?

Applications

pays 12% interest, compounded quarterly, so that I have a

balance of $20,000 in the account at the end of 10 years?

Applications

five years and withdraw $6,000 at the end of six years, leaving

a zero balance in the account after the last withdrawal. If I can

earn 5% on my balances, how much must I deposit today to

satisfy my withdrawals needs?

Applications

6% interest, compounded annually. How long does it take

before the balance in your account is $500,000?

Applications

The lucky Loan Company will lend you $100,000 today with

terms that require you to pay off the loan in thirty-six monthly

installments of $500 each. What is the effective annual rate of

interest that the Lucky Loan Company is charging you?

Applications

How much does it take for your money to grow to ten times

its original value if the interest rate of 5% per year?

Applications

interest(EAR) differ from the annual percentage rate (APR)?

Applications

period, what happens to the relation between the EAR and

the APR?

Applications

quarterly, what is the : a) annual percentage rate? b) effective

annual rate?

Applications

each. Assume a 4% interest rate. What is the present value of

the annuity if the first cash flow occurs: a) today; b) one year

from today; c) two years from today; d) three years from

today; e) four years from today

Applications

determine that you need $50,000 per year once you retire,

with the first retirement funds withdrawn once year from the

day you retire. You estimate that you will earn 6% per year on

your retirement funds and that you will need funds up to and

including your 25th birthday after retirement.

a) How much must you deposit in an account today so that

you have enough funds for retirement?

b) How much must you deposit each year in an account,

starting on year from today, so that you have enough

funds for retirement?

Applications

at the end of each of the next five years, and $40,000 at the

end of the years 11-15. If his investment account returns 11%

per year, what equal payments must he make into the

account at the end of years 6 thru 10?

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Loan Amortization

Amortized loan: a special type of loan that is paid off by making a series of regular &

equal payments

• Part of each payment goes towards paying off the simple interest from the unpaid

balance while the rest goes towards paying off the principal of the loan

• This differs from installment loans where the interest over the lifetime of the loan is

computed at purchase

• Interest for an amortized loan is computed on the unpaid balance

• The amount of loan and interest payment do not remain fixed over the term of

loan.

In an amortized loan, the present value can be thought of as the amount borrowed, n

is the number of periods the loan lasts for, i is the interest rate per period, and

payment is the loan payment that is made.

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Loan Amortization

Sum of Total Payments – Sum of Principal Repayments

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Loan Amortization

For Example: Beginning balance of a loan is $100000, interest rate is 10% and loan

term is 10 years. What is the installment payment? Construct amortization schedule.

Amortization Schedule:

Beginning Interest Principal Ending

Period Payment

Balance Component Component Balance

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Loan Amortization

For Example: Beginning balance of a loan is $100000, interest rate is 10% and loan

term is 10 years.

Amortization Schedule:

Beginning Interest Principal Ending

Period Payment

Balance Component Component Balance

1 100000 16275 10000 6275 93725

2 93725 16275 9373 6902 86823

3 86823 16275 8682 7592 79231

4 79231 16275 7923 8351 70880

5 70880 16275 7088 9187 61693

6 61693 16275 6169 10105 51588

7 51588 16275 5159 11116 40472

8 40472 16275 4047 12227 28245

9 28245 16275 2825 13450 14795

10 14795 16275 1480 14795 0

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

solved for the

payment, $2637.97,

the remaining

principal on any

payment date can be

calculated by entering

N = number of

remaining payments

and solving for the PV

For example:

N=4, PMT = 2637.97,

I|Y = 10, FV = 0, [CPT]

-> PV = 8362.03

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Faster method

PMT = 802.43

N = 18

I|Y = 5

FV = 0

[CPT] -> PV = 9380.02

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Geometric Mean:

The formula for

computation of

geometric mean

in constant time

is:

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

• How much money you put in the bank today

• In order to make future withdraws

• The final withdraw will exhaust the account

• PV of 100, 200, 300 for the following 3 years will be 481.5928, the assumed interest rate is 10%.

PV CF CF CF

0 1 2 3

100 200 300

Comp ratio 1.1 1.21 1.331

PV 90.90909 165.2893 225.3944

Sum(PV) 481.5928

• This is similar to invest 481.5928 now, and withdraw 100, 200, 300 for each year of the following

3 years, the money in account will generate interest but finally just be offset by the final with

draw of 300

Invest 481.5928 529.7521 472.7273 300

Withdraw 100 200 300

Balance 429.7521 272.7273 0

• Another way is to look at future values of this 3 cash flows for 641

LOS 5.f Demonstrate the use of a time line in modeling and solving time value of money problems

Cash Flow additivity principle: It refers to the present value of any stream of cash flows equal the

sum of the present values of the cash flows.

• The sum of the two series of cash flows is same as the present values of the two series taken

together.

Example: If we have 3 projects 1 2 and 3, each project’s cash flows are indicated in the table below

rate = 10% 1 2 3 4 PV

Indeed, the P3 CF = P1 CF + P2 CF if we add each period Project 1 and Project 2 cash flows, we get

Project 3

The PV show the same result that PV3 = PV1 + PV2 = 316.9865 + 225.3944 = 542.381

End of Chapter

(1) Nominal risk-free rate = real risk-free rate + expected inflation rate

(2) Required return on a security = real risk-free rate + expected inflation + default risk premium +

liquidity premium + maturity risk premium

𝑠𝑡𝑎𝑡𝑒𝑑 𝑎𝑛𝑛𝑢𝑎𝑙 𝑟𝑎𝑡𝑒 𝑚

𝐸𝐴𝑅 = (1 + ) −1

𝑚

𝑁

(5) PV = 𝐹𝑉 Τ(1 + 𝐼/𝑌)

(6) Annuity due: cash flows occur at the beginning of each time period

(7) Ordinary annuity: cash flows occur at the end of each time period

𝑃𝑀𝑇

(8) Perpetual annuities: 𝑃𝑉 =

𝐼/𝑌

Concept Checkers: Page 131, to be done by yourself including challenge problems. Check the

answers to find out the mistake you make and try to comprehend the answers of each question.

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