7R DGMXVW DQ LQWHUHVW UDWH ZKHQ WKH FRPSRXQGLQJ SHULRG GLIIHUV IURP WKH
SD\PHQW SHULRG FRPSOHWH WKH IROORZLQJ VWHSV
(QWHU WKH QRPLQDO UDWH DQG SUHVV
FRPSRXQGLQJ SHULRGV LQ D \HDU DQG SUHVV
UDWH E\ SUHVVLQJ
(QWHU WKH QXPEHU RI SD\PHQW SHULRGV LQ D \HDU DQG SUHVV
6ROYH IRU WKH DGMXVWHG QRPLQDO UDWH E\ SUHVVLQJ
Example: Monthly Payments, Daily Compounding.
\RX PDNH PRQWKO\ GHSRVLWV RI WR DQ DFFRXQW SD\LQJ
FRPSRXQGHG GDLO\ XVLQJ D GD\ \HDU :KDW ZLOO WKH EDODQFH EH LQ
VHYHQ \HDUV"
&DOFXODWH WKH HTXLYDOHQW UDWH ZLWK PRQWKO\ FRPSRXQGLQJ
Step 1.
Keys:
# È
!$#
È
6LQFH 120 DQG ,<5 VKDUH WKH VDPH UHJLVWHU WKLV YDOXH LV UHDG\ IRU XVH
LQ WKH UHVW RI WKH SUREOHP
&DOFXODWH WKH IXWXUH YDOXH
Step 2.
6HW WR %HJLQ PRGH 3UHVV
Æ
#@P
%
G
74 5: Time Value of Money Calculations
Display:
5.00
365.00
5.13
12.00
5.01
y
LI DQQXQFLDWRU LV QRW GLVSOD\HG
0.00
–25.00
84.00
2,519.61
È
(QWHU WKH QXPEHU RI
6ROYH IRU WKH HIIHFWLYH
È
6WDUWLQJ WRGD\
Description:
6WRUHV QRPLQDO SHUFHQWDJH
UDWH
6WRUHV EDQN·V FRPSRXQGLQJ
SHULRGV SHU \HDU
&DOFXODWHV DQQXDO HIIHFWLYH
UDWH
6WRUHV PRQWKO\ SHULRGV
&DOFXODWHV HTXLYDOHQW
QRPLQDO SHUFHQWDJH UDWH IRU
PRQWKO\ FRPSRXQGLQJ
6WRUHV SUHVHQW YDOXH
6WRUHV SD\PHQW
6WRUHV WRWDO QXPEHU RI
SD\PHQWV
&DOFXODWHV EDODQFH DIWHU
\HDUV
LQWHUHVW