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1、CHAPTERTheTimeValue4ofMoneyNOTATIONSDISCUSSEDINCHAPTER3,TOEVALUATEAPROJECT,Afinan-cialmanagermustcompareitscostsandbenefits.Inmostcases,rinterestrateAthesecostsandbenefitsarespreadacrosstime.Forexample,CcashflowinSeptember2008,GeneralMotors(GM)unveileditsplanstoproduce,FVnfuturevalu
2、eondatenstartinginthe2011modelyear,theChevyVolt,anextended-rangeelectricPVpresentvalue;annuityvehicle.GM’sprojectinvolvedsignificantupfrontresearchanddevelop-spreadsheetnotationforthementcosts,withrevenuesandexpensesthatwilloccurmanyyearsorinitialamountevendecadesintothefuture.Howca
3、nfinancialmanagerscomparecostCncashflowatdatenandbenefitsthatoccurovermanyyears?NdateofthelastcashflowinInordertoevaluatealong-termprojectsuchastheChevyVolt,weastreamofcashflowsneedtoolsthatallowustocomparecashflowsthatoccuratdifferentNPVnetpresentvaluepointsintime.Wedevelopthesetoo
4、lsinthischapter.ThefirsttoolisaPinitialprincipalordeposit,visualmethodforrepresentingastreamofcashflows:thetimeline.Afterorequivalentpresentvalueconstructingatimeline,weestablishthreeimportantrulesformovingFVfuturevalue;annuitycashflowstodifferentpointsintime.Usingtheserules,weshowh
5、owspreadsheetnotationforantocomputethepresentandfuturevaluesofthecostsandbenefitsofaextrafinalpaymentgeneralstreamofcashflows.Byconvertingallcashflowstoacommonggrowthratepointintime,thesetoolsallowustocomparethecostsandbenefitsofaNPERannuityspreadsheetnotationlong-termproject,andthu
6、sassessitsnetpresentvalue,orNPV.TheNPVforthenumberofperiodsexpressesthenetbenefitoftheprojectintermsofcashtoday.ordateofthelastcashflowWhilethegeneraltechniquesdevelopedinthischaptercanbeusedtoRATEannuityspreadsheetnotationforinterestratevalueanytypeofasset,certaintypesofassetshavec
7、ashflowsthatfollowaregularpattern.Wedevelopshortcutsforvaluingannuities,perpetuit-PMTannuityspreadsheetnotationforcashflowies,andotherspecialcasesofassetswithcashflowsthatfollowregularpatterns.IRRinternalrateofreturnPVnpresentvalueondaten964.1TheTimeline974.1TheTimelineWebeginourloo
8、katvaluingcashflows
