By Gregory McMillan, Douglas Considine
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Extra resources for Principles of Corporate Finance
3 COMPOUND INTEREST AND PRESENT VALUES There is an important distinction between compound interest and simple interest. When money is invested at compound interest, each interest payment is reinvested to earn more interest in subsequent periods. In contrast, the opportunity to earn interest on interest is not provided by an investment that pays only simple interest. 2 compares the growth of $100 invested at compound versus simple interest. 4 ϭ 259 ϭ 673 ϭ 11,739 ϭ 1,378,061 ϭ 18,990,527,646 ϭ 226,332,461,030 TA B L E 3 .
07). 07 The present value of a cash flow two years hence can be written in a similar way as PV ϭ DF2 ϫ C2 ϭ C2 11 ϩ r2 2 2 C2 is the year-2 cash flow, DF2 is the discount factor for the year-2 cash flow, and r2 is the annual rate of interest on money invested for two years. Suppose you get another cash flow of $100 in year 2 (C2 ϭ 100). 16 by the end of two years. 0772 2 33 Brealey−Meyers: Principles of Corporate Finance, Seventh Edition 34 I. Value 3. How to Calculate Present Values © The McGraw−Hill Companies, 2003 PART I Value Valuing Cash Flows in Several Periods One of the nice things about present values is that they are all expressed in current dollars—so that you can add them up.
The actual real rate cannot be calculated until the end of the year arrives and the inflation rate is known. 774 percent real rate of return. 06 Brealey−Meyers: Principles of Corporate Finance, Seventh Edition I. Value © The McGraw−Hill Companies, 2003 3. 5 USING PRESENT VALUE FORMULAS TO VALUE BONDS When governments or companies borrow money, they often do so by issuing bonds. A bond is simply a long-term debt. If you own a bond, you receive a fixed set of cash payoffs: Each year until the bond matures, you collect an interest payment; then at maturity, you also get back the face value of the bond.
Principles of Corporate Finance by Gregory McMillan, Douglas Considine