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TIME VALUE OF MONEY
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Future Value is the value at some future time of
a present amount of money, or a series of
payments, evaluated at a given interest rate.
Present Value is the current value of a future
amount of money, or a series of payments,
evaluated at a given interest rate.

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PRESENT VALUE (NILAI SEKARANG)= PV
ALIRAN KAS (CF) TERJADI SEKALI PADA AKHIR PERIODE
CF PV?
i
P0
FV
=P0 X(1+i)
P0 =
FV
(1+i)
PV =
CF
(1+i)
= CF x
1
(1+i)
0
N
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FUTURE VALUE ANNUITY
Ordinary Annuity
0
CF
1
CF
2
CF
3
FV = CF
3
(1+i)
0
FV= CF
2
(1+i)
1
FV = CF
1
(1+i)
2
1 2 3
Jika n = 3 : FV
i,3
= CF
3
(1+i)
n-3
+ CF
2
(1+i)
n-2
+ CF
1
(1+i)
n-1
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1 2 3 0
CF
1
CF
2
CF3 FV = CF3(1+I)
1
FV =CF2(1+I)
2
FV = CF1(1+I)
3
Jika n = 3 : FV
i,3
= CF
3
(1+i)
n-2
+ CF
2
(1+i)
n-1
+ CF
1
(1+i)
n
FUTURE VALUE ANNUITY
Annuity Due

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FV ANNUITY - ORDINARY
FVA
i,n =
FV ANNUITY - DUE
FVA
i,n =
CF x
(1+i)
n
- 1
i
i
CF x
(1+i)
n
- 1
x (1+i)
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PRESENT VALUE ANNUITY
CF TERJADI SETIAP AKHIR PERIODE SELAMA JK.WKT TERTENTU
(ORDINARY ANNUITY):
CF1 CF2 CF3
i i i
0 2 1 3
P0 =
CF1
(1+i)
1
P0 =
CF2
(1+i)
2
P0 =
CF
3
(1+i)
3
PV =
CF1
(1+i)
n-2
+
CF2
(1+i)
n-1
+
CF
3
(1+i)
n
Untuk
n = 3
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ALIRAN KAS (CF) TERJADI SETIAP AWAL PERIODE
SELAMA JANGKA WAKTU TERTENTU (n) ANNUITY DUE
CF2 CF3
i i i 0 2
1 3
P0 =
CF1
(1+i)
0
CF2
(1+i)
1
CF
3
(1+i)
2
PV
i,n
=
CF1
(1+i)
n-3
+
CF2
(1+i)
n-2
+
CF
3
(1+i)
n-1
Untuk
n = 3
CF1
P0 =
P0 =
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Jika aliran kas (CF) setiap periode
sama
PV Annuity - Ordinary
PVAi,n = CF x
1 -
1
(1+i)
n
i
PV Annuity - Due
PVAi,n = CF x
1 -
1
(1+i)
n
i
x (1+i)
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Berapa dana yang harus diinvestasikansetiap
akhir periode (tahun) pada Lembaga keuangan
yang memberikan bunga 7% agar pada akhir
tahun kelima perusahaan dapat memperoleh
dana sebesar 3 Milyar untuk membiayai
proyeknya.
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