兹维博迪金融学第二版课件Chapter04.ppt

1、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall1ObjectiveExplain the concept of compounding and discounting and to provide examples of real lifeapplicationsCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall2Copyright 2009 Pearson Education, Inc. Publishing as Prent

2、ice Hall3今天的20元比明天的20元更有价值，因为：Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall4Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall51 Year$1.12 Years$1.213 Years$1.3314 Years$1.4641Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall6Copyright 2009 Pears

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12、blishing as Prentice Hall29 Time Lines Future Value of a Stream of Cash Flow Present Value of a Stream of Cash Flows Investing with Multiple Cash FlowsCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall30Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall31Copyright 200

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22、tion, Inc. Publishing as Prentice Hall58Percent of Interest and Principal0%10%20%30%40%50%60%70%80%90%100%024487296120144168192216240264288312336360MonthsPercent% Interest% PrincipalCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall59Copyright 2009 Pearson Education, Inc. Publishing

23、as Prentice Hall60$10,000$11,000 1,000,0001,030,000Time10% $/$ (direct)0.01 $/3% / ? $/U.S.A.JapanCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall61Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall62$10,000$11,124$11,000 1,000,0001,030,000Time10% $/$ (direct)0.01 $

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