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1、PRESENTVALUELECTURE弗兰克唐英年韦德博士Dr.FRANKHENRYWADE，CPA，CIA，CMA，CISA莆田学院，中国PutianUniversity,China00865942694714，00865942694704&Cell00861516020041372RULE72Rule72DOUBLEYOURMONEY1.72/years=AppoxInterestrate2.72/Interestrate=Approx#ofyearsHowtoComputeLoanPymts1millionRMPLoantob
2、erepaidin20years,10%Interest.WhatarePymts?FutureValueofAnnuity10%,20yearsis57.281m/57.28=17,458NEWQUES:2millionRMPLoantoberepaidin20years,9%Interest.WhatarePymts?2millionRMPLoantoberepaidin20years,9%Interest.WhatarePymts?FutureValueofAnnuity9%,20yearsis51.162m/51.16=39
3、,093STATELOTTERY/PENSIONWhatdoespensioncost?1.Whatareyearlypymtsfor1milliondollarsin20years@10%A)1million/FutureAnnuity20,10%(57.28)=17,458B)Whattoinvest?PresentValueofannuityof17,458@20yr,10%(8.514)=148,637IRRUnevenflowsProjectAis3,625NPV,13%80,000.885（15,000）=13,275。
4、783（20,000）=15,660。693（25,000）=17,325。613（30,000）=18,390。543（35,000）=19,00583,655NPV3,625ProjectB,13%5years,15Keachyear50,000LessPVofAnnuity3.517(15,000)=52,755NPV2,7554.4IRRProjectAIRRis14.7%.Thiswasfoundwithagreatdealoftrialanderrorandinterpolatingtheinterestrates.Th
5、efollowingarethetvmffor14.7%ineachyear..872（15,000）=13,080.760（20,000）=15,200.663（25,000）=15,575.578（30,000）=17,340.504（35,000）=17,64079,835-80,000=NPV0ProjectBIRRis15%50,000/15,000=(3.333)3.333isTVMFｆｏｒ １５％， ５ ｙｅａｒｓ。CAPMCapitalAssetPricingModel(WmSharpe)Pg106CAPM=Rf+B
6、eta(Km-Rf)CAPM=SecurityexpectedreturnRf=RiskfreerateofinterestBeta=Measureofnon-diversifiablerisk.Riskcan’tbediversifiedawaysuchaseconomicrisksKrf=Riskfreerateofinterest(Governmentbondrate)Km=RateofReturnonmarketindexQuestion4,Pg123BETA:IndexofSystematicRisk:AppleBeta1
7、.75Google1.36Nike.69Coke.68CAPMAdvantagesThemethodofassetpricingissimpleandeasilyunderstoodastheonlyunknowninthepricingformulaistheBetavariable.ItforcestheinvestortorelateriskfreeinvestmentwiththeforcesofmarketuncertaintywhichisembodiedintheBetavariable.TheBetavariable
8、canbevisualizedasalinearfunctionwheretheverticalaxisisknownreturnorriskfreereturn.Thehorizontalaxisisforceofthemarket
