TIME VALUE OF MONEY

oleh
DIKDIK TANDIKA

Nilai uang pada hari ini, mungkin lebih

baik dibandingkan dengan nilai uang
pada periode mendatang dikarenakan
adanya perbedaan suku bunga dan
jangka waktu

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 Beberapa Konsep Nilai
• FUTURE VALUE (FV)
– Nilai yang terjada pada n tahun mendatang
FV i,1 = PV + i. PV → utk 1 thn
FV i,n = PV ( 1 + i )ⁿ → utk n thn
• PRESENT VALUE (PV)
– Nilai yang terjadi saat ini (sekarang)
PV = FV i ; n { 1/ (1+i)ⁿ }

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 Future Value Example
John wants to know how large his $5,000 deposit will
become at an annual compound interest rate of 8% at
the end of 5 years.

0 1 2 3 4 5
8%
$5,000
FV5
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 Future Value Solution
 Calculation based on general formula:
FVn = PV (1+i)n FV5 =
$5,000 (1+ 0.08)5 =
$7,346.64
• Calculator keystrokes: 1.08 2nd yx x 5000 =

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 Present Value (Graphic)
Assume that you need to have exactly $4,000 saved
10 years from now. How much must you deposit
today in an account that pays 6% interest,
compounded annually, so that you reach your goal of
$4,000?
0 5 10
6%
$4,000
PV0
5
 Present Value Example
Joann needs to know how large of a deposit to
make today so that the money will grow to $2,500
in 5 years. Assume today’s deposit will grow at a
compound rate of 4% annually.

0 1 2 3 4 5
4%
$2,500
PV0
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 Present Value Solution
• Calculation based on general formula:
PV0 = FVn / (1+i)n PV0 =
$2,500/(1.04)5 =
$2,054.81

• Calculator keystrokes: 1.04 2nd yx 5 =

2nd 1/x X 2500 =

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 Contoh kasus
• A meminjam hari ini sebesar Rp. 10.000,- dgn
bunga 12% per tahun dlm jangka waktu 5 thn.
Berapa A harus mengembalikan pada akhir
tahun ke 5 ?
• Jawab : PV = Rp. 10.000,- r = 12% , dan n = 5
FV12% ; 5 = 10.000 ( 1 + 0,12 )⁵
= 10.000 (1,7623)
= 17.623
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 Contoh Kasus
• Jika A pd akhir tahun ke 5 ingin memiliki uang
sebesar Rp. 17.623,- berapakah A harus
menyimpan uang di bank hari ini pd suku
bunga 12% ?
• Jawab : FV12% ; 5 = 17.623 ; n = 5 ; r = 12%
PV = 17.623 { 1/ (1+0,12)⁵}
= 17.623 (0,5674)
= 9.999 = 10.000
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 Formulasi Dengan Penggunaan
Tabel Bunga
• FV = PV (FVIF r ; n)
FVIF = Future Value Interest Factor (tabel A1)
• PV = FV (PVIF r ; n)
PVIF = Present Value Interest Factor (tabel A3)

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 FV dan PV Annuity
• FVA = a (FVIFA r % ; n) (1+r)
→ tabel Anuitas (A3)
• PVA = a (PVIFA r % ; n )
→ tabel Anuitas (A4)

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 Valuation Using Table I
FVIFi,n is found on Table I
Period
at the end of the book. 6% 7% 8%
1 1.060 1.070 1.080
2 1.124 1.145 1.166
3 1.191 1.225 1.260
4 1.262 1.311 1.360
5 1.338 1.403 1.469
 Using Future Value Tables
FV2 = $1,000 (FVIF7%,2) = $1,000
(1.145) = $1,145 [Due to
Rounding]
Period 6% 7% 8%
1 1.060 1.070 1.080
2 1.124 1.145 1.166
3 1.191 1.225 1.260
4 1.262 1.311 1.360
5 1.338 1.403 1.469
 Valuation Using Table II
PVIFi,n is found on Table II
at the end of the book.
Period 6% 7% 8%
1 .943 .935 .926
2 .890 .873 .857
3 .840 .816 .794
4 .792 .763 .735
5 .747 .713 .681
 Using Present Value Tables
PV2 = $1,000 (PVIF7%,2) =
$1,000 (.873) = $873
[Due to Rounding]
Period 6% 7% 8%
1 .943 .935 .926
2 .890 .873 .857
3 .840 .816 .794
4 .792 .763 .735
5 .747 .713 .681
 Annuities
 An Annuity represents a series of equal
payments (or receipts) occurring over a
specified number of equidistant periods.

• Examples of Annuities Include:

Student Loan Payments
Car Loan Payments
Insurance Premiums
Mortgage Payments
Retirement Savings

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 Example of an
Annuity Due -- FVAD
Cash flows occur at the beginning of the period
0 1 2 3 4
7%
$1,000 $1,000 $1,000 $1,070
$1,145
$1,225
FVAD3 = $1,000(1.07)3 + $1,000(1.07)2 +$3,440 = FVAD
3
$1,000(1.07)1
= $1,225 + $1,145 + $1,070 = $3,440

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 Valuation Using Table III
FVADn = R (FVIFAi%,n)(1+i)
FVAD3 = $1,000 (FVIFA7%,3)(1.07)
= $1,000 (3.215)(1.07) = $3,440
Period 6% 7% 8%
1 1.000 1.000 1.000
2 2.060 2.070 2.080
3 3.184 3.215 3.246
4 4.375 4.440 4.506
5 5.637 5.751 5.867
 Example of anOrdinary
Annuity -- PVA
End of Year
0 1 2 3 4
7%

$1,000 $1,000 $1,000

$934.58
$873.44
$816.30
PVA3 = $1,000/(1.07)1 + $1,000/(1.07)2 +
$2,624.32 = PVA3
$1,000/(1.07)3 = $2,624.32
If one agrees to repay a loan by paying $1,000 a year at
the end of every year for three years and the discount
rate is 7%, how much could one borrow today?
 Valuation Using Table IV
PVAn = R (PVIFAi%,n)
PVA3 = $1,000 (PVIFA7%,3)
= $1,000 (2.624) = $2,624
Period 6% 7% 8%
1 0.943 0.935 0.926
2 1.833 1.808 1.783
3 2.673 2.624 2.577
4 3.465 3.387 3.312
5 4.212 4.100 3.993
 Contoh kasus
• A menyimpan uang sebesar Rp. 10.000,- tiap
tahun dgn bunga 8% per tahun selama jangka
waktu 3 thn. Berapa nilai uang A pada akhir
tahun ke 3 ?
• Jawab : a = Rp. 10.000,- r = 8% , dan n = 3
FV3 = a (FVIFA 8 % ; 3)(1+0,08)
= 10.000 (3,246)(1,08)
= 35.056,8
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 Contoh kasus
• A akan menerima uang sebesar Rp. 10.000,-
tiap tahun dgn bunga 12% per tahun selama
jangka waktu 3 thn. Berapa nilai uang A
sekarang?
• Jawab : a = Rp. 10.000,- r = 12% , dan n = 3
PV = a (PVIFA 12 % ; 3)
= 10.000 (2,402)
= 24.020
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 Multiple Cash Flows Example
Suppose an investment promises a cash flow of $500 in one
year, $600 at the end of two years and $10,700 at the end of
the third year. If the discount rate is 5%, what is the value of
this investment today?

0 1 2 3
5%
$500 $600 $10,700
PV0
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 Multiple Cash Flow Solution

0 1 2 3
5%
$500 $600 $10,700
$476.19
$544.22
$9,243.06

$10,263.47 = PV0 of the Multiple

Cash Flows
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THN CASH PVIF ( 5%) PV
FLOW CASH FLOW
1 500 0,952 476,0
2 600 0,907 544,2
3 10.700 0,864 9.244,8
10.265,0

Catatan : Terdapat perbedaan pembulatan dalam tabel PVIF (5%)

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 Proyek A
THN CASH PVIF ( 8%) PV
FLOW CASH FLOW
1 10.000 0,926 9.260
2 16.000 0,857 13.712
3 40.000 0,794 31.760
54.732

Catatan : Terdapat perbedaan pembulatan dalam tabel PVIF (5%)

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 Multiple Cash Flows Annuity
Suppose an investment promises a cash flow of $500 in one
year, $500 at the end of two years and $ 500 at the end of
the third year. If the discount rate is 5%, what is the value of
this investment today?

0 1 2 3
5%
$500 $500 $ 500
PV0
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THN CASH PVIF ( 5%) PV
FLOW CASH FLOW
1 500 0,952 476,0
2 500 0,907 453,5
3 500 0,864 432,0
1.361,5

Catatan : Terdapat perbedaan pembulatan dalam tabel PVIF (5%)

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 Dengan tabel anuitas
• PV = CF (PVIFA k% ; n)
• Diketahui ; CF sama tiap tahun $ 500 , selama
3 tahun ( n = 3), pada interest rate = 5%
• PV = 500 (PVIFA 5% ; 3)
PV = 500 (2,723) = 1,361.5

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 latihan
1. Manakah yg lebih berharga Rp. 10.000 hari ini, ataukah Rp. 12.000 pd 3
thn yang akan datang jika tingkat bunga yang berlaku 10% ?
2. Harga proyek Rp. 200 juta yg akan dibelanjai dgn 35% modal sendiri
dan sisanya modal pinjaman ke Bank dgn bunga 6% per tahun dgn lama
pinjaman 5 th. Berapa pinjaman tsb harus dibayar tiap tahun dgn
jumlah tetap ?
3. Tn A meminjam dari bank Rp. 10.000 yg harus dibayar Rp. 18.385
selama 9 tahun, tentukan tingkat bunganya !,
4. Jika pinjaman tsb (soal 3) harus dibayar Rp. 17.000 selama 9 thn.
Berapa tingkat bunganya !
5. Arus kas (cash flows) dari PT A selama 3 thn sbb ; 900, 1.100, dan 1200
dan utk PT B arus kasnya sama tiap tahun sebesar 1000, pd tingkat
bunga 10% tentukan present value arus kas utk ke dua perusahaan.

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