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  • °­ÀǸí : [Á¤±Ô] TVM(Time Value of Money) (2105C) | ȸÂ÷ : 13°­) ÀºÅð¼³°è ±âÃâ½ÉÈ­ (2)
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  • 2021.02.20
¹®Á¦3¹ø¿¡ ÃÑÀºÅðÀÏ½Ã±Ý °è»ê¿¡¼­ ±³¼ö´ÔÀÌ Ç¬°Íó·³ (ÇÊ¿ä»ýÈ°ºñ¿Í °£º´ºñ) - ±¹¹Î¿¬±ÝÀ» Â÷°¨Çؼ­ cf·Î °è»êÇϴ¹ýµµ ÀÖÁö¸¸
»ýÈ°ºñ¿Í °£º´ºñ¸¦ cf·Î ÀÌ¿ëÇÏ¿© npv¸¦ °è»êÇÏ°í --->> a
±¹¹Î¿¬±ÝÀ» cf·Î ÀÌ¿ëÇÏ¿© npv¸¦ °è»êÇؼ­ ---->> b
a-b·Î ÃÑÀºÅðÀϽñݸ¦ ±¸ÇÏ·Á°í Çߴµ¥ ´äÀÌ ´Ù¸£°Ô ³ª¿É´Ï´Ù . ¾îµð¼­ À߸øµÈ°ÍÀÎÁö ¸ð¸£°Ú¾î¿ä
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»ýÈ°ºñ¿Í °£º´ºñ
Cf0: 30,000
C01: 30,000 ;26
C02: 42,000 ;3
C03: 18,000 ; 7
C04: 30,000 ;3
Npv i/y: 5-2.5/1.025 cpt? 759,803
759,803x1.025^13 = 1,047,397

±¹¹Î¿¬±Ý
Cf0: 7200
C01: 7200 ; 19
C02: 4320 ; 10
Npv i/y: 5-2.5/1.025 cpt? 139,639.6042
139,639.6042 x 1.025^13 = 192,494.7367

a-b = 1,047,397 - 192,494.7367 =854,902

±×¸®°í ±¹¹Î¿¬±ÝÀ» pv·Î ±¸ÇÒ¶§ (pmt-> pv) i/y¸¦ ¹°°¡»ó½Â·ü, kÀ² Áß¿¡¼­ ¹¹·Î µÖ¾ßÇÒÁö Çò°¥¸³´Ï´Ù ..
¸¸¾à kÀ²À̶ó¸é ÀÌ ¶æÀº ±¹¹Î¿¬±ÝÀÌ ¸Å¹ø ¹°°¡»ó½Â·ü¸¸Å­ Áõ°¡ÇÏ°í, ¼¼ÈÄÅõÀÚ¼öÀÍ·ü·Î ³ª´«´Ù´Â ¶æÀÏÅÙµ¥
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      TVM p.21 ¹®Á¦ 3¹ø

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      1. »ýÈ°ºñ&°£º´ºñ¿Í ±¹¹Î¿¬±ÝÀ» °¢°¢ °è»êÇÒ ¶§ CF0ÀÇ ½ÃÁ¡ÀÌ ´Ù¸£±â ¶§¹®¿¡ ¿À·ù°¡ ¹ß»ýÇÑ °ÍÀ¸·Î º¸ÀÔ´Ï´Ù. µ¶ÀÚ´Ô Ç®ÀÌ ¹æ½Ä¿¡ µû¸£¸é »ýÈ°ºñ&°£º´ºñ´Â CF0ÀÇ ½ÃÁ¡À» ÀºÅð½ÃÁ¡ÀÎ À̿켺ÀÇ 55¼¼ ½ÃÁ¡À¸·Î µÎ¾ú°í, ±¹¹Î¿¬±ÝÀº ¿¬±Ý¼ö±Þ°³½Ã¿¬·ÉÀÎ 65¼¼ºÎÅÍ Áö±ÞµÈ´Ù°í ÇÏ¿´À¸¹Ç·Î CF0ºÎÅÍ 7,200À» ÀÔ·ÂÇÏ°Ô µÇ¸é CF0°¡ 65¼¼ ½ÃÁ¡À¸·Î ¼³Á¤µÇ´Â °ÍÀÔ´Ï´Ù.

      Çؼ³ÀÇ CF ³»¿ëÀ» ¹ÙÅÁÀ¸·Î ¼³¸íµå¸®¸é, ´ÙÀ½°ú °°½À´Ï´Ù.
      CF0 30,000 - 0(±¹¹Î¿¬±Ý),
      C01 30,000 - 0(±¹¹Î¿¬±Ý) (9)
      C02 30,000 - 7,200(±¹¹Î¿¬±Ý) = 22,800 (17)
      C03 30,000 + 12,000(°£º´ºñ) - 7,200(±¹¹Î¿¬±Ý) = 34,800 (3)
      C04 18,000 - 4,320(±¹¹Î¿¬±Ý) = 13,680 (7)
      C05 18,000 +12,000(°£º´ºñ) - 4,320(±¹¹Î¿¬±Ý) = 25,680 (3)

      µû¶ó¼­ À̸¦ µ¶ÀÚ´Ô Ç®ÀÌ ¹æ½Ä°ú °°ÀÌ »ýÈ°ºñ&°£º´ºñ¿Í ±¹¹Î¿¬±ÝÀ» µû·Î ³ª´©¾î¼­ °è»êÇÏ°Ô µÇ¸é, CF0ÀÇ ½ÃÁ¡Àº µ¿ÀÏÇÏ°Ô ÀºÅð½ÃÁ¡ÀÎ À̿켺 55¼¼ ½ÃÁ¡À¸·Î µÎ¾î¾ß ÇÕ´Ï´Ù.
      µû¶ó¼­ »ýÈ°ºñ&°£º´ºñ´Â µ¶ÀÚ´Ô²²¼­ Ç®ÀÌÇϽŠ¹æ¹ýÀ¸·Î ÇØÁÖ½Ã¸é µÇ¸ç,
      CF0 30,000 ,
      C01 30,000 (26)
      C02 30,000 + 12,000 (3)
      C03 18,000 (7)
      C04 18,000 +12,000 (3)
      I (5-2.5)/1.025, NPV CPT = 759,803
      759,803 x 1.025^13 = 1,047,397 (a)

      ±¹¹Î¿¬±ÝÀº ´ÙÀ½°ú °°ÀÌ °è»êÇØÁÖ¼Å¾ß ÇÕ´Ï´Ù.
      CF0 0(±¹¹Î¿¬±Ý),
      C01 0(±¹¹Î¿¬±Ý) (9)
      C02 7,200(±¹¹Î¿¬±Ý) (20)
      C03 4,320(±¹¹Î¿¬±Ý) (10)
      I (5-2.5)/1.025, NPV CPT = 109,737
      109,737 x 1.025^13 = 151,274 (b)
      µû¶ó¼­ a - b = 1,047,397 - 151,274 = 896,123 ÀÌ µË´Ï´Ù.

      Ãß°¡·Î ÀϹÝÀûÀ¸·Î ÀºÅð¼³°è »ç·ÊÇü ¹®Á¦¿¡¼­ ÃÑÀºÅðÀϽñÝÀº Çؼ³°ú °°ÀÌ ±âº» »ýÈ°ºñ¿¡¼­ ±¹¹Î¿¬±ÝÀ» Â÷°¨ÇÑ °ªÀ» CF¿¡ ÀÔ·ÂÇÏ´Â ¹æ½ÄÀ¸·Î °è»êÇÏ°í ÀÖÀ¸´Ï Âü°íÇϽþî ÇнÀÇϽñ⠹ٶø´Ï´Ù.

      2. ±¹¹Î¿¬±ÝÀ» PMT -> PV °è»êÇÒ ¶§, KÀ² »ç¿ëÇÏ´Â °Í ¸Â½À´Ï´Ù. ÀºÅð±â°£¿¡ »ç¿ëÇϱâ À§ÇÑ ¸ðµç ÀºÅð¼Òµæ¿øÀº ÅõÀÚ¼öÀÍ·ü·Î ¿î¿ëµÈ´Ù°í °¡Á¤ÇÕ´Ï´Ù. ±¹¹Î¿¬±ÝÀ» ¼ö·ÉÇÏ°Ô µÇ¸é ÀϹÝÀûÀ¸·Î À̸¦ ¼Õ¿¡ Áã°í Àֱ⠺¸´Ù´Â °èÁ¿¡ ³Ö¾îµÎ°í »©¼­ »ç¿ëÀ» ÇÏ°Ô µÉ °ÍÀÔ´Ï´Ù. (½ÇÁ¦·Î´Â ¸Å¿ù ¼ö·ÉÇÏ´Â ±¹¹Î¿¬±ÝÀ» ¹Þ´Â Áï½Ã »ç¿ëÇÒ ¼öµµ ÀÖ°ÚÁö¸¸,) »ç·ÊÇü ¹®Á¦ÀÇ °æ¿ì¿¡¼­´Â ¹®Á¦¸¦ Ç®ÀÌÇϱâ À§ÇÑ °ÍÀ̹ǷΠÅõÀÚ¼öÀÍ·ü·Î ¿î¿ëµÈ´Ù°í °¡Á¤À» ´Ü¼øÈ­ ÇÑ´Ù°í º¸½Ã¸é ÁÁ°Ú½À´Ï´Ù.


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      ÇØÄ¿½º ±ÝÀ¶¾ÆÄ«µ¥¹Ì¿¡¼­ µå¸³´Ï´Ù.

      2021.02.22

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