January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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5.6 Special Applications of Time Value
LG6
Future-value and present-value techniques have a number of important applications in finance. We’ll study four of them in this section: (1) determining deposits needed to accumulate a future sum, (2) loan amortization, (3) finding interest or growth rates, and (4) finding an unknown number of periods.
Determining Deposits Needed to Accumulate A Future Sum
Suppose that you want to buy a house 5 years from now, and you estimate that an initial down payment of $30,000 will be required at that time. To accumulate the $30,000, you will wish to make equal annual end-of-year deposits into an account paying annual interest of 6%. The solution to this problem is closely related to the process of finding the ...
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