July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Interest Rates in Textbook Theory
You probably were first introduced to the time value of money in college or in a job training program using equations such as these:
where FV = future value, PV = present value, i = interest rate per time period, and N = number of time periods to maturity.
The two equations are the same, of course, and merely are rearranged algebraically. The future value is the present value moved forward along a time trajectory representing compound interest over the N periods; the present value is the future value discounted back to day zero at rate i per period.
In your studies, you no doubt worked through many time-value-of-money ...
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