Tiêu đề Chapter 4: Discounted Cash Flow Valuation - Time Value of Money ✅

Corporate Finance Session 4: [Discounted Cash Flow - Time Value of Money] [Nguyen Ngoc Huyen]
Nội dung bài học - Hiểu các khái niệm cơ bản và quan trọng trong tài chính bao gồm Present Value - giá trị hiện tại (PV), Future Value - giá trị tương lai (FV), Discount rate - tỷ suất chiết khấu, cũng như ứng dụng của chúng trong việc đánh giá các quyết định đầu tư Trọng tâm kiến thức - Cách đánh giá giá trị của tiền trong tương lai so với hiện tại. - Cách xác định giá trị tương lai (future value) dựa trên lãi suất và thời gian. - Phân biệt giữa APR và EAR và cho biết lãi suất thực tế hàng năm. - Quy tắc tính các dạng dòng tiền đặc biệt.
1. Understanding Present Value & Future Value, Discounting and Compounding - Present Value (PV): The current value of a future sum of money or stream of cash flows given a specified rate of return. PV = FV (1 + r) n (where r is the discount rate, and n is the number of periods) - Future Value (FV): The value of a current asset at a future date based on an assumed rate of growth over time. FV = PV*(1 + r) n 󰗔Compounding: the process of leaving the money in the financial market and lending it for another year. When cash is invested at compound interest, each interest payment is reinvested. 󰗔 Discounting: the process of calculating the present value of a future cash flow
Example: What is the future value of an initial investment of $10,000, an interest rate of 8% after 5 years? How long does it take the initial investment to be doubled? Answer: a. FV = 10,000 x (1+8%) 5 = $14,693.28 b. The initial investment double → FV = 10,000 x 2 = 20,000 20,000 = 10,000 x (1+8%) x ⇒ x = 9 years Exercise: Finance.com has an opportunity to invest in a new high-speed computer that costs $50,000. The computer will generate cash flows (from cost savings) of $25,000 one year from now, $20,000 two years from now, and $15,000 three years from now. The computer will be worthless after three years, and no additional cash flows will occur. Finance.com has determined that the appropriate discount rate is 7 percent for this investment. The cash flows and present value factors of the proposed computer are as follows: Should Finance.com make this investment in a new high-speed computer? What is the net present value of the investment? + + =23,364.49 + 17,468.77 + 12,244.47 = $53,077.73 25,000 1 + 7% 20,000 (1 + 7%) 2 15,000 (1 + 7%) 3