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## FIRST PRINCIPLES OF VALUATION

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**TIME VALUE OF MONEY:Six Functions of a Dollar**• Future Value of a One Time Deposit • Present Value of a Single Future Cash Flow • Future Value of an Annuity • Present Value of an Annuity • Sinking Fund Payment • Payment to Amortize Debt**TVM: Future Value of a One Time Deposit with Annual**Compounding**TVM: Future Value of a One Time Deposit with Annual**CompoundingHP 10B Keystrokes Clear registers Annual compounding $1,000 present value 6% annual interest Two year term Compute future value**TVM: Future Value of a One Time Deposit with Annual**Compounding**TVM: Future Value of a One Time Deposit with Periodic**Compounding**TVM: Future Value of a One Time Deposit with Periodic**CompoundingHP 10B Keystrokes Clear registers Monthly compounding $1,000 present value 6% annual interest 24 months Compute future value**TVM: Future Value of a One Time Deposit with Periodic**Compounding**TVM: Quoted Rates vs Effective Annual RatesHP 10B**Keystrokes Clears registers Monthly compounding 6% annual interest Compute effective rate Display 4 decimal places**TVM: Quoted Rates vs Effective Annual RatesHP 10B**Keystrokes Clears registers Compute e to 0.06 power Subtract 1 Multiply by 100 to get the percent.**TVM: Present Value of a Future CF Annual Discounting: HP**10B Keystrokes Clears registers One payment per year $1,000 future value CF in two years 8% annual interest Compute present value**TVM: Future Value of an Annual Ordinary Annuity HP 10B**Keystrokes Clear registers One payment per year $1,200 payment/year 6% annual interest For 3 years Compute future value**TVM: Future Value of a Periodic Ordinary AnnuityHP 10B**Keystrokes Clears registers Monthly payments $100 payment/mo. 36 months (3 years) 6% annual interest Compute future value**TVM: Future Value of a Periodic Annuity DueHP 10B**Keystrokes Clear registers 12 payments per year 6% annual interest $100 payment/mo. Annuity due (BEGIN) 36 monthly payments Compute future value**TVM: Present Value of an Annual Ordinary AnnuityHP 10B**Keystrokes Clears registers 1 payment per year $1,200 payment/year 3 year term 8% annual interest Compute present value**TVM: Present Value of a Periodic Ordinary AnnuityHp 10B**Keystrokes Clear registers Monthly payments $100 payment/mo. For 36 months 8% annual interest Compute present value**TVM: Present Value of a Periodic Annuity DueHP 10B**Keystrokes Clear registers Monthly payments $100 monthly payment 8% annual interest 36 months Annuity due (BEGIN) Compute present value**TVM: Annual Sinking Fund Payment for Ordinary AnnuitiesHP**10B Keystrokes Clears registers One payment per year 6% annual interest $5,000 future value In three years Compute the annual payment.**TVM: Periodic Sinking Fund Payment for Ordinary AnnuitiesHP**10B Keystrokes Clear registers Quarterly payments $25,000 future value 24 payments (6 years) 8% annual interest Compute quarterly payment**TVM: Periodic Sinking Fund Payment for an Annuity DueHP 10B**Keystrokes Clear registers Quarterly payments $25,000 future value 24 quarterly payments 8% annual interest Annuity due (BEGIN) Compute quarterly payment**TVM: Annual Payment to Amortize Debt for Ordinary**AnnuitiesHP 10B Keystrokes Clear registers Annual payments $5,000 present value 3 year term 8% annual interest Compute annual payment**TVM: Periodic Payment to Amortize Debt for Ordinary**Annuities