M 4.3-4.6
, , . , , , ( ) :
FV=PV(1+i)n (4.4)
, , , . (NPV). (.. , ), . NPV . , . , " ". ( ) , .
NPV : " . , WF. , NPV .
, , 100 . 75 . 8% . ? , HPV . 75 . ( , ). ? () 100 ., . , , , , .
NPV , (opportunity cost of capital), (market capitalization rate). , , , . , , , , 8% . , , .
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, (, ), .
N | i | PV | FV | |
? | PV= 68,06 |
, . , FV, , i , , PV. . :
PV= | 100 . | =68,06 |
1.085 |
68,06 . 75 ., , , . , NPV , 68,06 .-75 . =-6,94 ., .. .
, . , NPV , . , , 7 .
, , . ; , , . , , , , , , ( ) , NPV . , , NPV.
( 75 ., 100 .) 100 . 8% . , ? , , :
n | i | PV | FV | |
8 | ? | FV=110,20 |
, , :
FV = 75 . 1,085 = 110,20 .
, , 100 , . , .
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, , . , , , NPV.
, NPV: " , , ".
. , 8% . 75 . , 100 . ? , i , :
75 . = 100 ./(1 + i)5
, , (yield to maturity), (internal rate of return, IRR/ , . , IRR , NPV . , , NPV (.. IRR) , , , NPV . , IRR , , 10% (.. NPV np 10% ), 8% . ? , NPV . , , . , NPV 10%, 8%. 10% IRR 8% , NPV 1.
i , PV, FV, i.
N | I | PV | FV | |
? | -75 | i=5,92% |
"" 75 . , PV, ( ). "". , ( "-") , . , , , , .
, (", :
100=75 i(l+ i) 5
(1+i)5 =100/75
i =(100/75)1/5 1 = 5,92%
, (IRR) 5,92% . 8%, , . , .
NPV , , , .. . . : " , , NPV ".
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, , : ( ). . , FV 100 ., PV 75 ., 8%. n?
75 . =100 ./1,08n
PV, FV, i :
1 | PV | FV | ||
i | S | -75 | n = 3,74 |
, 3,74 . ? , ( 8% ), 3,74 , 75 . 100 . : " ".
, , 75 . 100 . .
, , - IRR, " " . , NPV .