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Gia Tri Tien Te Theo Thoi Gian
Gia Tri Tien Te Theo Thoi Gian
Ni dung chnh
Trc thi gian: V sao gi tr tin t li
thay i theo thi gian?
Gi tr tng lai ca 1 s tin v li sut
kp
Gi tr hin ti ca 1 s tin v li sut
chit khu
Gi tr tng lai, gi tr hin ti ca chui
tin t.
nh gi dng tin u thi k v v tn
Xc nh s tin thanh ton u, thi hn
v li sut.
2
Khi nim c bn
Trc thi gian
Thi on
Gi Tr Tng Lai V d 1
Tc ng ca vic ghp li
Li sut n: FV = PV(1 + r*T)
Li sut kp: FV = PV(1 + r)t
Tr li v d trn
FV vi li n = 1000 + 50 + 50 = 1100
FV vi li kp = 1102.50
Khon chnh lch 2.50 chnh t con s
0.05(50) = 2.50 c tr cho khon li nm
u tin
6
Tc ng ca li sut kp & FV
Gi tr tng lai ca 1 ng ($)
40.00
20%
30.00
25.00
20.00
15%
15.00
10.00
5.00
10%
5%
0%
1.00
0 2 4 6 8 10 12 14 16 18 20 22 24
Thi hn
Gi Tr Tng Lai V d 2
Gi s bn u t $1000 t v d trc
trong vng 5 nm, bn s nhn c s
tin l bao nhiu sau 5 nm?
FV = 1000(1.05)5 = 1276.28
FV = 1000(1 + 0.05*5) = 1250
Chnh lch: 26.28 (tng so vi 2.5 trong 2
nm)
Gi tr Tng Lai V d 3
Gi s bn c mt khon tin gi tit
kim $10 vi li sut 5.5%/nm cch y
200 nm, th hin nay khon u t ny
c gi tr l bao nhiu?
FV = 10(1.055)200 = 447,189.84
FV = 10(1 + 0.055*200) = 120
Chnh lch: 447,069.84
Gi tr Tng Lai V d 4
Gi s cng ty ca bn d tnh tc
tng trng doanh thu t hot ng kinh
doanh l 15%/nm trong vng 5 nm,
nu doanh thu hin ti ca cng ty l 3
triu /nm th doanh thu k vng trong
5 nm ti s l bao nhiu?
FV = 3,000,000(1.15)5 = 6,034,072
10
Cu hi n Phn I
S khc nhau gia li n v li kp l g?
Gi s bn c $500 u t v bn tin
rng bn c th u t sinh li vi t l
bnh qun l 8%/nm trong sut 15 nm.
Vy s tin m bn s c c vo cui nm
th 15 l bao nhiu khi dng li sut kp?
V bn s nhn c bao nhiu khi s dng
li sut n?
11
Gi Tr Hin Ti
Bn phi u t bao nhiu vo hm nay
nhn c mt s tin trong tng lai?
FV = PV(1 + r)t
Suy ra: PV = FV / (1 + r)t = FV * [PVIFr,t]
1/ (1 + r)t = [PVIFr,t]: nhn t chit khu
12
Gi tr Hin ti V d 1
Gi s bn mun c 1 s tin l $10,000
trong nm ti thanh ton cho chic xe
t d nh mua, nu bn c th u t
kim li 7%/nm th bn cn s tin bao
nhiu u t vo ngy hm nay?
- PV = 10,000 / (1.07)1 = 9345.79
13
Gi tr Hin Ti V d 2
Bn mun bt u tit kim cho con/em
bn bc vo hc lp 1 cho n khi tt
nghip cp 3 trng lng, khi bn d
tnh con/em bn s cn s tin $150,000
trong vng 17 nm. Nu bn t tin rng
bn s kim li c 8%/nm th bn cn
u t s tin bao nhiu vo hm nay?
PV = 150,000 / (1.08)17 = 40,540.34
14
Gi tr Hin Ti V d 3
Gia nh bn thnh lp mt Qu u t
lp nghip cho bn trc y 10 nm v
s tin hin gi trong qu ny l
$19,671.51. Nu qu u t sinh li
7%/nm th lc gia nh bn u t
bao nhiu?
PV = 19,671.51 / (1.07)10 = 10,000
15
Gi tr Hin ti Mi lin h I
mt mc li sut thi hn cng di th
gi tr hin ti cng nh
Gi tr hin ti ca khon tin $500 l bao
nhiu khi s tin vo nm th 5? Nm
th 10? Sut chit khu l 10%/nm
5 nm: PV = 500 / (1.1)5 = 310.46
10 nm: PV = 500 / (1.1)10 = 192.77
16
Gi tr Hin ti Mi lin h II
Cng mt khong thi gian t l li sut
(sut chit khu) cng cao, gi tr hin ti
cng thp.
Gi tr hin ti ca $500 nm th 5 l bao
nhiu nu t l li sut l 10%? 15%?
T l = 10%: PV = 500 / (1.1)5 = 310.46
T l = 15%: PV = 500 / (1.15)5 = 248.59
17
Gi tr hin ti ca 1 ng ($)
18
1.00
0%
0.75
0.5
5%
0.25
10%
15%
20%
0 2 4 6 8 10 12 14 16 18 20 22 24
Thi hn
Cu hi n Phn II
u l mi lin h gia gi tr tng lai v hin
ti?
Gi s bn cn $15,000 trong vng 3 nm, nu
bn c c hi kim li 6%/nm th bn cn u
t bao nhiu vo ngy hm nay?
Nu bn mun s tin trn phi sinh li mc
8%, bn s phi u t nhiu hn hay t hn
mc 6%? V con s ny l bao nhiu?
19
Gi tr ti nm 4 = 21,803.58(1.08) = 23,547.87
$7000
20
$4,000
$4,000
$4,000
$23,547.87
21
22
Dng tin t FV - V d 3
Gi s bn c k hoch gi 1 khon tin
$100 vo ngn hng trong 1 nm v $300
vo nm th 3. Bn s c c s tin
trong ti khon l bao nhiu vo nm th
5 nu t l li sut l 8%/nm?
FV = 100(1.08)4 + 300(1.08)2 = 136.05 +
349.92 = 485.97
23
25
200
178.57
318.88
427.07
508.41
1432.93
26
400
600
800
27
Cu hi n Phn III
Gi s bn c dng tin t nh sau:
Nm 1: CF1 = $100
Nm 2 & 3: CF2&3 = $200
Nm 4 & 5: CF4&5 = $300
T l li sut yu cu l 7% /nm
Gi tr ca dng tin t vo nm th 5?
Gi tr ca dng tin t vo hm nay?
Gi tr ca dng tin t vo nm th 3?
28
1 (1 r ) t
PV C
(1 r ) t 1
FV C
Dngtinuvhn:PV=C/r
30
Dng tin u PV - V d 1
Gi s, bn d nh mn mt s tin vo ngy
hm nay. Nu bn phi tr mt khon u n
hng nm l $632 trong vng 48 nm vi li
sut l 10% th s tin bn cn mn l bao
nhiu?
p dng cng thc:
1 (1.1) 48
PV 632
6,254.86
0.1
31
1
$1,000
2
$1,000
3
$1,000
4
$1,000
5
$1,000
Thi im cui nm
$947.87
$898.45
$851.61
$807.22
$765.13
32
C
1
PV 1
$4,270.28
t
r (1 r )
1
$1,000
2
$1,000
3
$1,000
$1,000
Thi im cui nm
$947.87
$898.45
$851.61
$807.22
C
1
PV 1
1 r $4,505.15
t
r (1 r )
33
1
PV
t
1
r
)
t
1 (
1
PV
$
14
,
285
.
71
r
34
$1,113.02
$1,055.00
$1,000.00
$1,000
$1,000
$1,000
$1,000
4
Thi im cui nm
$1,000
5
(1 r ) 1
FV C
$5,581.08
r
t
$1,000
1
$1,000
2
$1,000
$1,000
Thi im cui nm
t
(1 r ) 1
FV C
1 r $5,888.04
r
36
37
38
Cu hi n Phn IV
Bn cn bit khon tin thanh ton cho mt
khon vay v bn mun bit cn phi vay mn
bao nhiu tin hoc bn c k hoch tit kim
phc v cho mc ch tng lai, bn s phi
tnh ton gi tr tng lai hoc hin ti ca mt
dng tin u?
Bn mun nhn c $5000 mi thng t thng
sau cho n khi v hu. Nu bn c kh nng
u t sinh li c bnh qun 0.75% /thng v
d kin cn khon thu nhp ny trong sut 25
nm, th bn phi c bao nhiu tin u t
vo ti thi im ny?
40
Xc nh s tin u - PV
C
1
PV 1
t
r
1 r
PV
C
1
1
PV r
C
1
1
41
Xc nh s tin u
Nu bn mn s tin $1,000.00 mc
li sut 11% trong 5 nm, hy xc nh s
tin cn thanh ton u?
1000 0.11
C
$270.57
1
1
5
1.11
42
Xc nh s tin u
Gi s bn mun vay $20,000 cho vic
mua xe mi. Ngn hng c th cho bn
vay vi li sut 8%/nm, tr li hng
thng (8/12 = 0.66667% /thng). Nu
bn mun vay 4 nm th s tin bn phi
tr hng thng l bao nhiu?
20,000 = C[1 1 / 1.006666748] /0.0066667
C = 488.26
43
Xc nh s tin u - FV
C
t
FV
1 r 1
r
FV
C
t
1 r 1 r
C
44
FV r
1 r 1
t
Xc nh s tin u
Nu bn mun c s tin $100,000.00
trong 5 nm na, vi mc li sut bnh
qun 11%/nm bn s phi tit kim mt
s tin u mi nm l bao nhiu?
45
100,000 0.11
1.11 1
5
$16,057.03
46
Xc nh yu t thi hn VD1
Bn s dng mt th tn dng $1000 v bn ch
c th sc tr mt khon tin ti a l
$20/thng vi li sut l 1.5%/thng. Bn phi
mt bao lu mi tr ht s tin $1000 ny?
Bt u vi cng thc v hy nh hm ln:
47
Xc nh yu t thi hn VD2
Gi s bn mn $2000 li sut 5% v
bn s phi tr hng nm khon tin bng
nhau l $734.42. Mt bao lu bn mi tr
ht khon vay trn?
2000 = 734.42(1 1/1.05t) / 0.05
0.136161869 = 1 1/1.05t
1/1.05t = 0.863838131
1.157624287 = 1.05t
t = ln(1.157624287) / ln(1.05) = 3 nm
48
Xc nh t l li sut
Gi s bn vay $10,000 t ngn hng
mua xe. Bn ng tr $207.58 /thng
trong vng 60 thng. Vy t l li sut
mt thng m bn phi tr l bao nhiu?
Bng tnh Excel:
Nper (t) = 60; PV=10,000; PMT (C) =-207.58
-> I/Y (rate) = 0.75%
Phng php th:
10,000 = 207.58[1 1 / (1+r)60] /r
49
Cu hi n Phn V
Bn mun nhn $5000 mi thng trong vng 5
nm ti. Vy th hm nay bn phi gi vo ti
khon ngn hng bao nhiu tin nu bn c th
kim c 0.75% /thng?
Nu bn ch c $200,000 gi vo Ngn hng
th sut sinh li mi thng l bao nhiu?
Gi s bn c $200,000 gi Ngn hng v c
th kim li 0.75% mi thng
Mt bao nhiu thng bn c c $5000?
Bn s nhn c bao nhiu mi thng trong
vng 5 nm?
50
KT THC