:

1.no inflationrisk condition2.3.

:

inflation premiums: interest interest rate discount rate

1cash flow 2(present value) 3future value

(single interest system) IPin IPi n 1. FVPIPPin P(1in)

2 PV FV

compound interest system1 FV1 FV1PVIPVPViPV(1i) FV2 FV2PV(1i)iPV(1i)PV(1i) 2 FV3PV(1i) 2iPV(1i) 2PV(1i) 3 FVn PV(1i) n .. [1]

[1] (1i) n future value interest factorFVIFin F/Pin 1

2 present ValuePV PVn

present

value interest factor PVIFin P / Fin 1

annuity system annuity 1 ordinary Annuity

1

FVAFVAt

FVAA (1i)0A(1i) 1A(1i) 2A(1i)n-1

(1i)

FVA(1i)A(1i)A(1i) 2 A(1i)n-1A[(1i)n

FVA (1i) FVA A(1i)n A

FVA A

FVAAin

future value interest factor for annuityFVIFAinFA/Ain 1

AFVA

A

AIFVAinA/FAin

2 PVA1A (1i) -1A A A A 0 1 2 3 n1 n

PVAA(1i)-1A(1i)-2A(1i)-n-1A(1i)-n ()()1i PVA(1i)A(1i)0A(1i)-1A(1i)-(n-1) ()

PVA A () ()

present value interest factor for annuityPVIFAinPA / Ain1

()

APVA ()

()A

AIFVAinA/PAin

2

(annuity due)

1 (1i)

FVAA (1i)

2 (1i) PVAA (1i)

3perpetuity annuity

PVP A n (1i)-n0 PVP A/i

4deferred annuity

1(mn)(m)

PVD A(PA/A,i,mn)A(PA/A,i,m) 2(n)m0

PVD A(PA/A,i,n)(PV/FV,i,m)

ri/m tmn rimnt

k1rm1 krm

FmPFmP 1rm1

1F/P,i,nFV/PV 2P/F,i,nPV/FV 3FA/A,i,nFVA/A 4PA/A,i,nPVA/A

ni120 000532 000:FV32 000PV20 000n5i32 000/20 0001.600 n51.6001.6111010532 000

250 000107 500PVA=50 000A=7 500n=10i=PA/A,i,nPVA/A PA/A,i,n=50000/7500=6.667n=106.7106.4186.667i8989

x8 8 6.710 6.667 9 6.418x

x=0.147 i=8+0.147=8.147

RVI

1 2 1 2

RVI risk value of investmentRVI risk premiumrisk premium rate

1 10Pi1

2 2

3

4

5KRbV PR KR/(KfKR)

AB

AB

AB

V BA:

(Capital asset pricing modelCAPM)KiKfi(KmKf) KiiKm

SMLKRKfKKfKi

rate of interest

=+

IP0

RR0IP

RR0IP

K0 IP DP LP MP

1K0

K0IPK0*IPK0IP K0IP 2IP

0 3DP

12% 4LP

5MP