CFA(4) Quantitative Methods CFA(5) CFA(6)

本文探讨了货币的时间价值及现金流量折现应用,详细解释了名义利率与实际年利率的概念及其计算方法,并介绍了如何计算单笔投资的未来价值与现值,涵盖了普通年金与期初年金的未来价值及现值的计算。

摘要生成于 C知道 ,由 DeepSeek-R1 满血版支持, 前往体验 >

  • The time value of Money.
  • Discounted cash flow Applications.
  • Statistical Concept and Market Return
  • Probability Concepts.

Stated(Nominal) vs. Effective Annual Interest Rate

  • The stated rate of interest=the nominal rate=contractual rate
  • Effective annual rate(EAR) is the rate of interest that investors actually realize as a result of compounding and may be determined as follows:

              EAR=(1+periodic rate)^m-1

              where:

               periodic rate=nominal rate/m

               m=the number of compounding periods per year

             计息周期越短越好,ear极限为e^stated rate-1

 

CFA(5)

Future Value(FV) of a Single Sum

  • FV=PV(1+1/Y)^N

         ---PV=amount of money invested today(the present value)

        ----1/Y=rate of return per compounding period

          ---N=total number of compounding periods

          ---FV=amount to whitch an investment grows to\

Present Value(PV) of a single Sum

  • PV=FV/(1+1/Y)^N

Ordinary Annuity(年金) and Annuity Due

  • Annuity: a series of equal cash flows that occur at evenly spaced intervals over time.
  • Ordinary annuity: cash flows occur at the end of each time period
  • Annuity due: cash flows occur at the beginning of each time period
  • Perpetuities: annuities with an infinite life. 

Future Value of an Ordinary Annuity

  • FVAo=PMT*[(1+1/Y)^N-1]/(1/Y)

         PMT:payment


Future Value of an Ordinary Annuity

  • FVAD=FVAO*(1+1/Y)

CFA(6)


Present Value of an Ordinary Annuity

  • PVAO=PMT*{[1-1/(1=Y)^N]/(1/Y)}
  • PVAD=PVAO*(1+1/Y)
  • PV of a perpetuity
  • PVperpetuity=PMT/(1/Y)
评论
添加红包

请填写红包祝福语或标题

红包个数最小为10个

红包金额最低5元

当前余额3.43前往充值 >
需支付:10.00
成就一亿技术人!
领取后你会自动成为博主和红包主的粉丝 规则
hope_wisdom
发出的红包
实付
使用余额支付
点击重新获取
扫码支付
钱包余额 0

抵扣说明:

1.余额是钱包充值的虚拟货币,按照1:1的比例进行支付金额的抵扣。
2.余额无法直接购买下载,可以购买VIP、付费专栏及课程。

余额充值