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6 % 1.06

t = 1 100 + 0 . 06(100) = 106 t = 2 106 + t = 1 100 + 0.06(100) = 106 t = 2 106 + 0.06(106) = 106(1.06) = 100(1.06) 2 = 112.36

t = 1 100 + 0 . 06(100) = 106 t = 2 106 + t = 1 100 + 0.06(100) = 106 t = 2 106 + 0.06(100) = 100(1 + 2(0.06)) = 112

V P n V F n

V

V

F

P

=

=

V P (1 + i) n , V F (1 + i) n .

n = 10 i = 0.06

V P = 1000 V F = 1000(1 . 06) 1 0 = 1790 . V P = 1000 V F = 1000(1.06) 10 = 1790.85

V F = 1000 V P = 1000 (1 . 06) 1 0 = 558

V F = 1000 V P =

1000

(1.06)

10 = 558.39

a(t) t

a(0) = 1 A(t)

t A(0)

n N

a(n)

=

(1 + i) n

A(n)

=

A(0)(1 + i) n .

a(t)

A(t)

=

=

(1 + i) t = e t ln(1+1)

A(0)(1 + i) t

a(t)

=

(1 + it)

A(t)

=

A(0)(1 + it)

(t, t + 1) A(t) A(t + 1) A(t)

i t+1 = A(t + 1) A(t) A(t)

= a(t + 1) a(t)

a(t)

.

i = 6 % (1, 2)

i

2

= a(2) a(1)

a(1)

i 2 = a(2) a(1)

a(1)

0.0636

= = 0.06

1.06

= 0.06 1.06 = 0.0566

2 % 2 % 4 8 % 8 % (1.02) 4 = 1.0824 8 % 8.24 %

m i (m) i (m)

m

1 + i = 1 + i (m)

m m

.

i (12) = 0.09

i = 1 + 0.09

12

12

1 = 0.0938

10.25 % m = 2 i (2)

1 +

1 +

i

(2)

i

2

(2)

2

2

2

1 + i (2)

2

1 = 0.1025

=

1.1025

=

1.1025 = 1.05

i (2) = 10 % 5 %

6 %

1000 6 % 1060 1000 6 % 1060

1000 1000

1000 6 % 1000/(1.06) = 943.40 943.40 1000 56.60

d d i V F 1 V P V P = 1/(1 + i) d

d = 1

1 i

(1 + i) =

(1 + i) .

i = 0.06 d = 0.06

1.06 = 0.0566

1

v =

(1 + i) .

d = iv 1 v = 1

d = 1 v

v = 1 d

1 i

(1+i) =

(1+i)

= d

i d

i d = i

i

(1 + i) =

i + i) = id.

2

(1

i d = id

d = 0.07 v i

v = 1 d = 0.93

1 + i =

v 1 = 1.0753 i = 0.0753

m d (m)

1 d = 1

d

(m)

m

m

.

8 %

1 d = 1 0.08

4

4

= (0.98) 4 = 0.9224,

d = 0.0776.

6 %

1 0.06

0.94

=

=

0.94 = 1

d

(2)

2

2

0.9695 = 1

d

(2)

2

,

d (2) = 0.0609.

m p

1 + i (m)

m

m = 1

d

(p)

p

p

.

8 %

1 + 0.08

12

12

1.083

=

=

1.083 = 1

1.0407 = 1

2

d

(2)

2

d

(2)

2

1

, d (2) = 0.0782.

t

a(t) = (1 + i) t = e t ln(1+i) = e δt

δ = ln(1+i) δ a(t) t

a(t) = (t + 1) 2 δ(t) = 2(t+1)

(t+1) 2 =

2

t+1

δ(t) = a (t)

a(t) .

n

n→∞ l´ım a +

r

n n = e r .

a(t) δ(t)

dt ln[a(t)] = a (t)

d

a(t)

= δ(t)

k

0

δ(t)dt = ln[a(t)]|

k

0

= ln[a(k)] ln(1) = ln[a(k)].

a(t) = e

t δ(u)du

0

d < d (m) < δ < i (m) < i,

i > 0,

m > 1.

1

n 1 i

a n

n 1 i a n i a n a n = v + v 2 +

i a n

n 1 i a n i a n a n = v + v 2 +

a

n
n

= v + v 2 + ··· + v n = v(1 + v + · · · + v n1 )

=

v 1 v n 1 v

v (1 v n )

= v (1 v n )

d

= (1 v n )

.

=

iv i

i = 0.05 n = 10

a

10
10

= (1

1

10 )

1.05

0.05

= 7.7217

n s n

= (1 − 1 10 ) 1 . 05 0 . 05 = 7 . 7217

s

n
n

=

(1 + i) n a n

05 0 . 05 = 7 . 7217 n s n s n = (1 +

= (1 + i) n 1

i

.

consols 1

a

(1 + i ) n − 1 i . consols 1 a ∞ a ∞ =

a

∞

=

v + v 2 + ··· = 1

i

s¨ n

1 a ∞ a ∞ = v + v 2 + ··· = 1 i s

a¨ n

∞ a ∞ = v + v 2 + ··· = 1 i s ¨ n

= (1 + i)s n

v 2 + ··· = 1 i s ¨ n a ¨ n = (1 +

a¨

+ ··· = 1 i s ¨ n a ¨ n = (1 + i )
= (1 + i)a ∞ 1 − v n a¨ n = d (1 +
= (1 + i)a ∞
1 − v n
a¨ n
=
d
(1 + i) n − 1
s¨ n
=
d
1
a¨ ∞
=
d

= (1 + i)a n

n a ¨ ∞ = (1 + i)a ∞ 1 − v n a¨ n =

, n

n 1, 2,

(Ia) n

, n n 1 , 2 , ( Ia ) n (Ia) n = v +

(Ia) n = v + 2v 2 + 3v 3 + · · · +
(Ia) n
= v +
2v 2 + 3v 3 + · · · + nv n .
= a¨ n
nv n
(Ia) n
i

i = 5 % n = 4 1, 2, 3, 4

= a¨ 4 − 4v 4 (Ia) 4 = 8.6488 0.05
= a¨ 4
4v 4
(Ia) 4
= 8.6488
0.05

(Ia¨) n

, 4 = a¨ 4 − 4v 4 (Ia) 4 = 8.6488 0.05 ( Ia ¨)

(Is) n

4 − 4v 4 (Ia) 4 = 8.6488 0.05 ( Ia ¨) n ( Is )

(Is¨) n

4 (Ia) 4 = 8.6488 0.05 ( Ia ¨) n ( Is ) n ( Is
= a¨ n − nv n = (1 + i)(Ia) n d s¨ n −
= a¨ n
nv n
= (1 + i)(Ia) n
d
s¨ n
n
= i) n (Ia) n
(1
+
=
i
s¨ n
n
= i) n (Ia¨) n
(1
+
=
d

n n, n 1,

(Da) n

, 1

n (Ia¨) n (1 + = d n n, n − 1 , ( Da )
(Da) n = (Da¨) n =
(Da) n
=
(Da¨) n
=

(Ds) n

(Ds¨) n

( Da ) n , 1 (Da) n = (Da¨) n = ( Ds ) n
( Da ) n , 1 (Da) n = (Da¨) n = ( Ds ) n

=

=

n − a n
n − a n

i

(1 + i)(Da) n

(1

(1

Ds ) n ( Ds ¨) n = = n − a n i (1 +

= n a n

n = = n − a n i (1 + i )( Da ) n (1

d

= = n − a n i (1 + i )( Da ) n (1 (1
= = n − a n i (1 + i )( Da ) n (1 (1

+

+

i) n (Da) n

i) n (Da¨) n

i = 5 % n = 4

(Da) 4

+ + i ) n ( Da ) n i ) n ( Da ¨) n

=

4 − a 4 = 4 − 3.546 0.05 0.05
4 − a 4
= 4 − 3.546
0.05 0.05

= 9.08

P > 0 Q Q n P, P + Q, P + 2Q, · · · , P + (n 1)Q

Pa n

P, P + Q, P + 2 Q, · · · , P + ( n

+

− nv n Q a n . i
nv n
Q a n
.
i

P = n Q = 1 n

Ps n

(Ia) n

P = Q = 1 (Da) n

− 1 n Ps n ( Ia ) n P = Q = 1 ( Da
− 1 n Ps n ( Ia ) n P = Q = 1 ( Da
−n Q s n i
−n
Q s n
i

.

Ps n ( Ia ) n P = Q = 1 ( Da ) n −n

+

n

P

i

+ Q i 2 .

i 1, (1 + g), (1 + g) 2 ,

, (1 + g) n1

V P

=

=

=

1

(1 + g) 2 + (1 + g) 2

(1 + i) 3

(1 + i)

(1 + i) +

+ ··· + (1 (1 + + g) i) n1 n

(1 + i) 1 + 1 + g

1

1 + i

+ 1 + g 1 + i

2 + ··· + 1 1 + + g i

1

1 1+g

1+i

n

(1 + i)

1 1+g

1+i

=

1 1+g

1+i

n

.

i g

n

g i g < i

1

i g

n k

v k a n

1+ g 1+ i n . i − g n g i g < i 1

a

n+k
n+k

=

a n
a n

+

v n a k

.
.

n + k n k n

a 4

= 3.5460 v 4 = 0.8227 a 8

k n a 4 = 3 . 5460 v 4 = 0 . 8227 a 8
k n a 4 = 3 . 5460 v 4 = 0 . 8227 a 8

a

8
8

= a 4

n a 4 = 3 . 5460 v 4 = 0 . 8227 a 8 a

+ v 4 a 4

v 4 = 0 . 8227 a 8 a 8 = a 4 + v 4

= 3.5460 + 0.8227(3.5460) = 6.463

1000 6 % 1000 10 1000 5 % 10 10

1000 1000

V F 10 60 V F = 754 . 67 V F 10 60 V F = 754.67

1000 + 754.67 = 1754.67 1000(1 + i) 10 = 1754.67 i i = 5.78 %

1000 5 10 % 8 % 5

10 %

8 % 5 5000

5000 + 100(Is) 5

8 % 5 10 % 8 % 5 5000 5000 + 100( Is ) 5 8

8 % = 5000 + 100(16.6991) = 6669.91

5 % $1000 5

$4329.48 1000a 5

5 % $1000 5 $4329 . 48 1000 a 5 5 % (0 . 05)(4329 .

5 %

(0.05)(4329.48) = 216.47

216.47 4329.48 1000 216.47 783.53 1000 4329.48 4329.48 783.53 = 3545.95

783.53 3545.95

1000 3545 . 95 1000 3545.95

783 . 53 3545 . 95 1000 3545 . 95 1000 4 1000 1000 a 4

1000 4 1000

1000a 4

3545 . 95 1000 3545 . 95 1000 4 1000 1000 a 4 5 % 3545

5 % 3545.95

1000

(0.05)(3545.95) = 177.30 1000 177.30 = 822.70 3545.95 822.70 = 2723.25

I t = t t = t

P t = t t = t

B t = t t = t

Pmt t t t t

=

I t P t =

=

B t

iB t1

Pmt I t

B t1 P t

5 0

I t = iB t

P t = Pmt t I t

B t = B t1 P t

Pmt t

     

 

1

 

I t = iB t

P t = Pmt t I t

B t = B t1 P t

Pmt t

       

a

n
n

 

1 v n

v

n

 
 

ia n

ia n =

=

a n1

 

 

ia n1

 

1 v n1

v n1

 

=

a n2

 

 

 

ia nt+1

 

1 v nt+1

v nt+1

a

 

=

nt

 

 

 

 

= 1 v

v

 

 

ia 1

 

n

 

n a n

n − a n

a

n
n
 

I t = P t =

=

B t

1 v nt+1

v nt+1

a nt

t 1 − v n − t + 1 v n − t +1 a n

P t v (1 + i) (1 + i)

a

n
n

B 1

v n

= a n1

(1 + i ) a n B 1 − v n = a n − 1

a n

(1 + i ) a n B 1 − v n = a n − 1

v + v 2 + ··· + v n1 + v n

v n v + v 2 + ··· + v n1 = a n1

v 2 + ··· + v n − 1 + v n v n v +

B t

a n

a n n − a n L L n a n a I t P t

n a n

a n n − a n L L n a n a I t P t

L L n

a n

a n n − a n L L n a n a I t P t
a
a

I t

P t

B t

=

=

=

L

a n
a
n

L

a n
a
n

L

(1 v nt+1 )

v nt+1

a n−t a n
a
n−t
a
n

5 % $100 n 10 (1 + i) P 10 = 1.05 9 P 1 = (1.5513)(100) = $155.13

n = 10 P 1 100 (1 + i)

L = 100[1 + (1 + i) + · · · + (1 + i) 9 ] = 100s 10

+ (1 + i ) + · · · + (1 + i ) 9 ]

5 % = 1257.79

5 15 7 % $187 5

L = 187[v 4 + v 3 + · · · + 1 + (1 + i) + · · · + (1 + i) 10 ] = 187[a 4

= 187[ v 4 + v 3 + · · · + 1 + (1 +

+ s 11

= 187[ v 4 + v 3 + · · · + 1 + (1 +

] = 3585

1000 8 % 125 8 8 8

B 8 = 1000(1.08) 8 125s 8

8 B 8 = 1000(1 . 08) 8 − 125 s 8 = 521 . 35

= 521.35

8 B 8 = 1000(1 . 08) 8 − 125 s 8 = 521 . 35

8 B 8 = 1000(1 . 08) 8 − 125 s 8 = 521 . 35

8 B 8 = 1000(1 . 08) 8 − 125 s 8 = 521 . 35

8 B 8 = 1000(1 . 08) 8 − 125 s 8 = 521 . 35

8 B 8 = 1000(1 . 08) 8 − 125 s 8 = 521 . 35

B t = Pmta n−t B t = Pmt[a n (i + i) t −
B t = Pmta n−t
B t = Pmt[a n
(i + i) t − s t
]

Pmt B 0 = Pmta n Pmt B 0 = Pmta n

Pmt t = P t + I t t = P t + I t

t ] Pmt B 0 = Pmta n Pmt t = P t + I t

t ] Pmt B 0 = Pmta n Pmt t = P t + I t

P t = Pmtv n − t + 1 = Pmt − I t t = Pmtv nt+1 = Pmt I t

Pmt t = P t + I t P t = Pmtv n − t +

P t + s = P t ( i + i ) s t+s = P t (i + i) s

I t = Pmt [1 − v n − t + 1 ] = iB

I t = Pmt [1 − v n − t + 1 ] = iB

I t = Pmt [1 − v n − t + 1 ] = iB

I t = Pmt [1 − v n − t + 1 ] = iB t t = Pmt[1 v nt+1 ] = iB t1

1000

10 6 %

1000

a 10 6 %
a
10
6 %

135.87

10 1000 × (0.06) = 60 1000 10

10 1000 60 1000 10

1000 10 x

xs 10

1000 10 x xs 10 = 1000 6 % 75 . 87 60 75 . 87

= 1000

6 % 75.87 60 75.87 135.87

5 %

1000

s 10 5 %
s
10
5 %

= 79.50 60 139.50

135.87 $1000 10

(1) (2) i j

(1) (2)

7 % 6 % 15

15850 L

= 0.07L L = s 15 0.06
=
0.07L
L
=
s
15
0.06

=

0.07L +

L

s 15 0.06
s
15
0.06

15850 L = 140312

(2) 15850 0.07L L L

(15850 0.07L)s 15

0 . 07 L L L (15850 − 0 . 07 L ) s 1 5

0.06

= L

8 % 6 % 20000 12 15000 6 L

=

0.08L

=

(20000 0.08L)

=

(15000 0.08L)

L 18

(20000 0.08L)s 18

− 0 . 08 L ) L 18 (20000 − 0 . 08 L ) s

0.06 5000s 6

(20000 − 0 . 08 L ) s 1 8 0 . 0 6 − 5000

0.06

L

=

=

20000s 18 0.06 20000s 18 0.06
20000s 18
0.06
20000s 18
0.06

5000s 6 5000s 6

18 0.06 20000s 18 0.06 − 5000 s 6 − 5000 s 6 0 . 0
18 0.06 20000s 18 0.06 − 5000 s 6 − 5000 s 6 0 . 0

0.06 0.08Ls 18

s 6 − 5000 s 6 0 . 0 6 − 0 . 08 Ls 1

0.06

= $167961

1 + 0.08s 18

s 6 0 . 0 6 − 0 . 08 Ls 1 8 0 . 06

0.06

0.06

= L

9 7 % 110 %

9 5 5 % 5 5 13, 000 L

=

0.07L

=

(13, 000 0.07L)

(13, 000 0.07L)s 5

(13 , 000 − 0 . 07 L ) s 5

0.05 (1.05) 4

=

1.1L

9 9 110 % L

L =

13, 000s 5

9 110 % L L = 13 , 000 s 5 0 . 0 5 (1

0.05 (1.05)

4

(1.05) 4 = $55, 608

1.1 + 0.07s 5

4 ( 1 . 0 5 ) 4 = $55 , 608 1 . 1 +

0.05

= i = i

= j = j

= I t = iB 0 = I t = iB 0

B 0 = SFD · s j B 0 = SFD · s j

i = j i > j i = j i > j

, 608 1 . 1 + 0 . 07 s 5 0 . 05 = i

j

t

t

t (t 1)

$1000 10 6 %

3

I 3

P 3

B 3

=

=

=

$50.62

$85.25

$758.47

$60 t (SF ) t

(SF) 2 = 75.85s 2

t ( SF ) t ( SF ) 2 = 75 . 85 s 2 =

= $156.29

1000

s 10
s
10

(SF) 2 = 1000

. s 2 s 10
.
s 2
s 10

0.06(SF ) 2 = $9.38

I 3

P 3

=

=

$60 $9.38 = $50.62 $85.25 I 3

$60 − $9 . 38 = $50 . 62 $85 . 25 I 3

P 3

($9.38) ($5.87) $85.25

(75.87s 3

P 3 ($9 . 38) ($5 . 87) $85 . 25 (75 . 87 s 3

= $241.54)

(75.87s 2

. 87) $85 . 25 (75 . 87 s 3 = $241 . 54) (75 .

= $156.29) $85.25

$1, 000 8 % 10

5.5 % $110 10

$40 1, 000

8 % 80 40

5.50 = (5.5 % × 100) 110

($100, $1, 000) 100

F 5.5 % × 100 5.5 % × 110

110 ($100 , $1 , 000) 100 F 5 . 5 % × 100 5 .

110 ($100 , $1 , 000) 100 F 5 . 5 % × 100 5 .

110 ($100 , $1 , 000) 100 F 5 . 5 % × 100 5 .

110 ($100 , $1 , 000) 100 F 5 . 5 % × 100 5 .

Cg = F r Cg = F r

C = F

g = r

110 ($100 , $1 , 000) 100 F 5 . 5 % × 100 5 .

110 ($100 , $1 , 000) 100 F 5 . 5 % × 100 5 .

i

P

= F ra n

i P = F ra n + Cv n i = 4 % P = 5

+ Cv n

i = 4 %

P = 5.50a 10

i P = F ra n + Cv n i = 4 % P = 5

i + 110v

i 10 = $118.92

a n v n = 1 ia n

+ 110 v i 10 = $118 . 92 a n v n = 1 −
+ 110 v i 10 = $118 . 92 a n v n = 1 −

P

= F ra n + Cv n = F ra n + C(1 − ia
= F ra n
+ Cv n
= F ra n
+ C(1 − ia n
)
= C + (Fr − Ci)a n
P
= C + (Cg − Ci)a n

=

1v n

i

g i C Ci

C 5.5 % 110

= 5 % 110

5 % 5 % 110(5.50) 110

5.50 g = 5.50

110

P

C = (Fr Ci)a n

g = 5 . 5 0 110 P − C = ( Fr − Ci )

P

= 110 + (5.50 (110)(0.04))a 10

= 110 + 1.10a 10

C = ( Fr − Ci ) a n P = 110 + (5 . 50
C = ( Fr − Ci ) a n P = 110 + (5 . 50

4 % = 118.92.

4 %

n $100 $110 5.5 % 94.55 7 %

 

P

=

C + (Fr Ci)a n

C + ( Fr − Ci ) a n

94.55

=

110 + (5.50 (110)(0.07))a n

110 + (5 . 50 − (110)(0 . 07)) a n

a

10
10

7 %

=

= 7.02273

n

=

10

7 %

P

=

Cv n + F ra n

Cv n + F ra n

94.55

=

110v n + 5.50a n