资产评估理论基础(2)(10)

Annuity 年金

例子 Example

PresentValue=C

r

Consol2:PresentValue=C1

r×[(1+r)T]

Consol2 Consol1=C

C1

×[(1+r)T]

Consol2 Consol1=ThepresentvalueofcashflowsforTyears

Perpetuity:PV=C

r

GrowingPerpetuity:PV=C

(r g)

Annuity:PV=C[1

r×1

r×(1+r)T]

GrowingAnnuity:C[111+

r g gT

r g×(1+r)]

AT

r,Tindicatenumberofperiods,rindicateinterestrate.