valuation of future cash flows

valuation of future cash flows

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時間:2018-02-10

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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1HowtodeterminethefuturevalueofanINTRODUCTIONinvestmentmadetoday.LO2HowtodeterminethepresentvalueofcashtobeTOVALUATION:receivedatafuturedate.5LO3Howto?ndthereturnonaninvestment.THETIMEVALUEL

2、O4HowlongittakesforaninvestmenttoreachaOFMONEYdesiredvalue.TOYOTAMOTORCREDITCORPORATIONsomeamounttodayinexchangeforapromisedlump(TMCC),asubsidiaryofToyotaMotor,offeredsomesumtobereceivedatafuturedate,isaboutthesim-securitiesforsaletothepubliconMarch28,200

3、8.plestpossibletype.Isgivingup$24,099inexchangeUnderthetermsofthedeal,TMCCpromisedtorepayfor$100,000in30yearsagooddeal?Ontheplustheownerofoneofthesesecurities$100,000onside,yougetbackabout$4forevery$1youputup.March28,2038,butinvestorswouldreceivenothingTh

4、atprobablysoundsgood;butonthedownside,untilthen.InvestorspaidTMCC$24,099foreachyouhavetowait30yearstogetit.Whatyouneedtoofthesesecurities;sotheygaveup$24,099onknowishowtoanalyzethistrade-off;thischapterMarch28,2008,forthepromiseofa$100,000pay-givesyouthet

5、oolsyouneed.ment30yearslater.Suchasecurity,forwhichyoupayMastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Oneofthebasicproblemsfacedbythe?nancialmanagerishowtodeterminethevaluetodayofcash

6、?owsexpectedinthefuture.Forexample,thejackpotinaPowerBall?lotterydrawingwas$110million.Doesthismeanthewinningticketwasworth$110million?Theanswerisnobecausethejackpotwasactuallygoingtopayoutovera20-yearperiodatarateof$5.5millionperyear.Howmuchwastheticketw

7、orththen?TheanswerdependsonthetimevalueofValuationofFutureCashFlowsPART3money,thesubjectofthischapter.Inthemostgeneralsense,thephrasetimevalueofmoneyreferstothefactthatadollarinhandtodayisworthmorethanadollarpromisedatsometimeinthefuture.Onapracti-calleve

8、l,onereasonforthisisthatyoucouldearninterestwhileyouwaited;soadollartodaywouldgrowtomorethanadollarlater.Thetrade-offbetweenmoneynowandmoneylaterthusdependson,amongotherthings,therateyoucanearnbyinvesting.Ourgoalint

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