【原】note

CF / Value at the earlier time point: PV

CF / Value at later time point: FV

2022年7月12日

20:30

1Interest rate

Slow-quick

Checking account

Savings account

Cd,little is difficult,large is better

T-bills(国债)

Corp bonds

Stocks

Pravite equity

Hf(0big value)

2discounting and compounding，贴现和复利

Pv,r,t,fv

You compund

Fv,r,t,pv

Discount

FV = PV *(1+r)^T

3.compuding frequencies

K,

复合频率k

年k=1

季度k=4

每月k=12

每周k=52

每日k=365

半年2

Continuous  infinity

Federal funds (储备金)

4.mutiple cash flows

5,10,15,how much

Relative cell reference

Absolute

5.

7. Special kinds of MCFs
1) Annuities	年金
Definition:	a stream of equalized CFs
Requirements:	1)  All CFs are equal; 2) interest rate does not change; 3) CFs occur regularly; 4) CFs will end.
Two kinds of annuities:
	1) Ordinary annuity (OA)	CFs occur at the end of each period.
	2) Annuity due (AD)	CFs occur at the beginning of each period

6.

	Single Cash Flows	Annuities
to find PV,	=pv(rate, nper, 0, fv)	=pv(rate, nper, pmt, fv,0) for ordinary annuity. Note PMT = Constant Cash Flow per period in the annuity
	(note: pmt = 0)	=pv(rate, nper, pmt, fv,1) for annuity due. Note PMT = Constant Cash Flow per period in the annuity
to find FV,	=fv(rate, nper, 0, pv)	=fv(rate, nper, pmt, pv, 0) for ordinary annuity
	(note: pmt = 0)	=fv(rate, nper, pmt, pv, 1) for annuity due
to find period rate	=rate(nper, 0, pv, fv)	=rate(nper, pmt, pv, fv, 0) for ordinary annuity
	(note: pmt = 0, PV and FV	=rate(nper, pmt, pv, fv, 1) for annuity due
	need to be signed.)
to find no. of periods	=nper(rate, 0, pv, fv)	=nper(rate, pmt, pv, fv, 0) for ordinary annuity
	(note: pmt =0, PV and FV	=nper(rate, pmt, pv, fv, 1) for annuity due
	need to be signed)
to find PMT	not available	=pmt(rate, nper, pv, fv, 0) for ordinary annuity
		=pmt(rate, nper, pv, fv, 1) for annuity due

7.