CFA学习笔记
1. Time Value of Money
货币时间价值（TVM）
2. Present Value
现值 → 缩写 PV
3. Future Value
终值 → 缩写 FV
4. Interest Rate
利率 → r
5. Number of Periods
期数 → n
6. Compound Interest
复利
7. Discount Rate
折现率
FV = PV × (1 + r)ⁿ
FV: Future Value 终值
PV: Present Value 现值
r: Interest Rate 利率
n: Number of Periods 期数
Money today is worth more than money tomorrow.
例题1（求终值 FV）
An investor places $100 in a bank account with an annual interest rate of 5%.
What is the future value after 2 years? Present Value (PV) = 100
Interest rate (r) = 5% = 0.05
Number of periods (n) = 2
Future Value (FV) = ?
FV = PV × (1+r)ⁿ
FV = 100 × (1.05)² = 110.25
例题2（求现值 PV）
You will receive $110.25 in 2 years.
The discount rate is 5%.
What is the present value?
Future Value (FV) = 110.25
Discount rate = 利率 r = 0.05
n = 2
Present Value (PV) = ?
PV = FV ÷ (1+r)ⁿ
PV = 110.25 ÷ (1.05)² = 100
例题3
Which of the following is present value?
A) Money you will get in the future
B) Money you have now
C) Interest earned
答案：B
