2018CFAlevel1知识点——QuantitativeMethods
The time value of money
Time value of money concepts and applications
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2.Future value
3.Prent value
Using financial calculator
1.Set up P/Y to”1”
Time lines
1.It is often a good idea to draw a time line before you start to solve a TVM心海软件
problem.
2.Discounting贴现
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4.Equilibrium interest rates均衡利率are the required rate of return for a
particular investment.
5.Interest rates are also referred to as discount rates贴现率.
6.We can also view interest rates as the opportunity cost of current consumption.
7.Real risk-free rate真正的无风险利率: It is a theoretical rate on a single-period
loan that has no expectation of inflation in it.
8.Nominal risk-free rate名义无风险利率= real risk-free rate+ expected inflation
rate
9.Default risk违约风险: The risk that a borrower will not make the promid
payments in a timely manner.
10.Liquidity risk流动性风险: The risk of receiving less than fair value for an
investment if it must be sold for cash quickly.
11.Maturity risk到期风险: The prices of longer-term bonds are more volatile不稳定
的than tho of shorter-term bonds. Longer maturity bonds have more maturity risk than shorter-term bonds and require a maturity risk premium.美国石油大亨
12.Required interest rate on a curity= nominal risk-free rate+ default risk
premium+ liquidity premium+ maturity risk premium
13.Effective annual rate (EAR) 实际年利率reprents the annual rate of return
actually being earned after adjustments have been made for different compounding periods.
14.EAR=(1+periodic rate)m-1
Future value of a single sum
1.Future value factor: (1+r)n
2.FV=PV(1+r)n
Prent value of a single sum
1.Prent value factor: 1/(1+r)n
一米每秒等于多少千米每小时2.
Annuities
1.An annuity is a stream of equal cash flow that occurs at equal intervals over a
given period.
2.Ordinary annuities普通年金: Cash flow occurs at the end of each period.
3.Annuities due期初应付年金：Cash flow occurs at the beginning of each period.
Future value of an annuity due
1.Future value of annuity due= future value of ordinary annuity*(1+n)
2.做和annuity due相关的题目的时候都可以用两种方法，第一种是用计算器的
BGN模式，另一种是用上面那条公式（用计算器的普通模式计算出结果，然后乘以“1+n”）。
Prent value of an annuity due
二心念什么字1.Prent value of annuity due= prent value of ordinary annuity*(1+n)
Prent value of a perpetuity永续年金
1.Perpetuity is a financial instrument that pays a fixed amount of money at t
intervals over an infinite period of time.
从前慢木心原文PV perpetuity =
2.
PV and FV of uneven cash flow ries
1.计算不相等现金流的终值的方法就是分别计算每一笔现金流的终值，然后加
总（注意，N=总笔数-每一笔现金流的笔数）
ios11越狱2.计算不相等现金流的现值的方法就是分别计算每一笔现金流的现值，然后加
总（注意，N=每一笔现金流的笔数）。或者就直接使用计算器的NPV功能。Solving TMV problem when compounding periods are other than annual
1.R= I/Y/次数N=time*次数
Loan payment and amortization
1.Loan amortization is the process of paying off a loan with a ries of periodic loan
payments, whereby a portion of the outstanding loan amount is paid off, or amortized, with each payment.
Other applications of TVM functions
1.Calculate the rate of compound growth
2.书上的例题很重要（P90）
Funding a future obligation为未来的债务建立基金
1.主要的情况有两种：一种是为上大学的费用建立基金，另一种是建立养老基
金。
2.书上的例题很重要（P91）
国产动漫排名The connection between PV, FV and ries of cash flow
1.The cash flow additivity principle现金流的加和原则refers to the fact that
prent value of any stream of cash flows equals the sum of the prent values of the cash flow.
Discounted cash flow applications
The net prent value
1.The net prent value of an investment project is the prent value of expected
cash inflows associated with the project less the prent value of the project’s expected cash outflows, discounted at the appropriate cast of capital.
2.用finance计算器做NPV相关的题目时，一定要注意每笔金额的方向！特别
是第一笔初始金额CF0的方向！
The internal rate of return (IRR)
1.The internal rate of return is defined as the rate of return that equated the PV of
an investment’s expected benefits (inflows) with the PV of its costs (outflows).
IRR may be defined as the discount rate for which the NPV of an investment is zero.
NPV decision rule
1.Accept projects with a positive NPV.
2.Reject projects with a negative NPV.
3.When two projects both have positive NPV, choo the one with higher NPV.
IRR decision rule反邪教工作总结
