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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowtodeterminethefuturevalueofanINTRODUCTIONinvestmentmadetoday.LO2HowtodeterminethepresentvalueofcashtobeTOVALUATION:receivedatafuturedate.5LO3Howto?ndthereturnonaninvestment.THETIMEVALUELO4Howlongittakesforaninves
2、tmenttoreachaOFMONEYdesiredvalue.TOYOTAMOTORCREDITCORPORATIONsomeamounttodayinexchangeforapromisedlump(TMCC),asubsidiaryofToyotaMotor,offeredsomesumtobereceivedatafuturedate,isaboutthesim-securitiesforsaletothepubliconMarch28,2008.plestpossibletype.Isgivingup$24,099inexchangeUnder
3、thetermsofthedeal,TMCCpromisedtorepayfor$100,000in30yearsagooddeal?Ontheplustheownerofoneofthesesecurities$100,000onside,yougetbackabout$4forevery$1youputup.March28,2038,butinvestorswouldreceivenothingThatprobablysoundsgood;butonthedownside,untilthen.InvestorspaidTMCC$24,099foreac
4、hyouhavetowait30yearstogetit.Whatyouneedtoofthesesecurities;sotheygaveup$24,099onknowishowtoanalyzethistrade-off;thischapterMarch28,2008,forthepromiseofa$100,000pay-givesyouthetoolsyouneed.ment30yearslater.Suchasecurity,forwhichyoupayMastertheabilitytosolveproblemsinthischapterbyu
5、singaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Oneofthebasicproblemsfacedbythe?nancialmanagerishowtodeterminethevaluetodayofcash?owsexpectedinthefuture.Forexample,thejackpotinaPowerBall?lotterydrawingwas$110million.Doesthismeanthewinningticketwasworth$110mil
6、lion?Theanswerisnobecausethejackpotwasactuallygoingtopayoutovera20-yearperiodatarateof$5.5millionperyear.Howmuchwastheticketworththen?TheanswerdependsonthetimevalueofValuationofFutureCashFlowsPART3money,thesubjectofthischapter.Inthemostgeneralsense,thephrasetimevalueofmoneyreferst
7、othefactthatadollarinhandtodayisworthmorethanadollarpromisedatsometimeinthefuture.Onapracti-callevel,onereasonforthisisthatyoucouldearninterestwhileyouwaited;soadollartodaywouldgrowtomorethanadollarlater.Thetrade-offbetweenmoneynowandmoneylaterthusdependson,amongotherthings,therat
8、eyoucanearnbyinvesting.Ourgoalint
