1/7/2013

TNG QUAN V LI SUT

GI TR HIN TI, TNG LAI CA MT S TIN

GI TR HIN TI, TNG LAI CA MT DNG
TIN BNG NHAU
LCH TR N VAY
GI TR MT DNG NGN LU TI THI IM BT
K, SUT CHIT KHU BT NG
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1/7/2013

TNG QUAN V LI SUT

Ti sao xem xt gi tr thi gian ca tin?
- Mt ng hin ti c gi tr hn 1 ng nhn c 1 thi im
tng lai
- Vi mt ngun vn th bn c th la chn nhiu hnh thc u t
- Chi ph v thu nhp ca mt d n thng xy ra nhng mc
thi gian khc nhau
- Gi tr ca s tin nhn c t d n u t phi ln hn gi tr
ca s tin u t ban u.
 Chng ta phi xem xt gi tr theo thi gian ca tin t phn
tch v la chn d n u t. C th:
- S thay i tin t phi xem xt hai kha cnh: S lng v thi
gian.
- Quy i chi ph v thu nhp ca cc d n v 1 thi im no
phn tch , so snh v la chn.
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TNG QUAN V LI SUT

Li sut
- Tin li biu hin gi tr theo thi gian ca tin t
- Tin li = Tng s tin nhn c t d n u t Tng s tin
u t ban u.
- Li sut l t l % ca li sut so vi tng vn u t trong mt
n v thi gian xem xt (nm, qu, thng hay ngy).

Li sut dn
- Khi tin li ch tnh theo s vn gc m khng tnh thm tin li
tch ly (pht sinh t tin li cc thi on khc) th gi l li n
Tin li = Vn u t x Li sut x S thi on
ban u
n
thanh ton
Vd: Mt ngi vay 1000 vi li sut n 4% thng v s tr vn
ln li vay sau 6 thng. Hi anh ta phi tr bao nhiu ?
- Tin li pht sinh trong 6 thng 1000 x 0,04 x 6 = 240
- Vn v li phi tr vo cui thng 6: 1000 + 240 = 1240
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TNG QUAN V LI SUT

Li sut kp:
Khi tin li cc thi on trc c gp chung vo vn gc
tnh tin li cho thi on tip theo.
Vd: Mt ngi vay 1000 vi li sut kp 4% thng v s tr vn ln
li vay sau 6 thng. Hi anh ta phi tr bao nhiu ?
- Tin li pht sinh cui thng 1: 1000 x 0,04 = 40
- Tin li pht sinh cui thng 2: (1000 + 40)x0,04 = 41,6
- Tin li p/sinh cui thng 3: (1000+40+41,6)x0,04 = 43,26
- Tng s tin li pht sinh n cui thng 6: (40 + 41,60 + 43,26 +
) = 265,32
- Vn v li phi tr vo cui thng 6: 1000+265,32 = 1265,32

GI TR TNG LAI CA MT S TIN

V d: Cng ty u t 100$ vo 1 ti sn m em li li sut hng
nm l 5%/nm trong vng 3 nm. Tnh s tin nhn c vo cui
nm 3.

Nam

au nam

1+l/suat

Cuoi nam

Lai thu c

100

1 + 0.05

105

105

1 + 0.05

110.25

5.25

110.25

1 + 0.05

115.76

5.51
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GI TR TNG LAI CA MT S TIN

FV = PV x (1+ r) n
Trong :
FV: Gi tr tng lai, S tin ti thi im kt thc d n
PV: Gi tr hin ti, S tin ti thi im bt u (tin gc)
r: Sut chit khu (hay li sut) mi giai on
n: K tnh li (c th l thng, qu, bn nin, nhng thng l 1
nm)
(1+ r) n : Gi tr tng lai ca 1 ng vi li sut r v thi gian n
V d trn:
FV = PV (1+ r) n = 100$ x (1+0.05)3 = 100$x1.1576 = 115.76$

GI TR HIN TI CA MT S TIN
V d: Mt sinh vin nm th 1 mun c 1 s tin l 1.000$ ci
v sau khi ra trng (cui nm 4), anh ta phi gi vo ngn hng
ngay u nm 1 l bao nhiu? Bit rng li sut ngn hng l
15%/nm.

Nam Cuoi nam

4

1.000

1/(1+r)

au nam

Giam

1/(1+0.15) = 0.87

870

130

870

0.87

756

113

756

0.87

658

99

658

0.87

572

86
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GI TR HIN TI CA MT S TIN
PV = FV x 1/(1+r)n
1/ (1+ r) n : Gi tr hin ti ca 1 ng vi thi gian n giai on v
vi li sut giai on l r

Cch khc: p dng cng thc

PV = 1000x [1/(1+0,15)4]
= 1000 x 0,572 = 572 USD
Chng ta c th tnh ngc li xem gi tr tng lai:
FV = 572 (1+ 0,15)4 = 572 x 1,749 = 1.000USD

GI TR TNG LAI CA MT DNG TIN BNG NHAU

Vd: Gi s cng ty c k hoch u t 1000$ vo vic mua tri
phiu ti thi im cui nm trong vng 4 nm k t nm nay. Tri
phiu c li sut hng nm l 10%, cng ty s nhn c khon li
l bao nhiu vo cui nm th 5.
t0

t1

t2

t3

t4

1000

1000

t5

1000

1000

1000 ->FV=1000

FV=1000(1+0.1)1
FV=1000(1+0.1)2
FV=1000(1+0.1)3
FV=1000(1+0.1)4

1.100
1.210
1.331
1.464

Tong: FVA = 6.105

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GI TR TNG LAI CA MT DNG TIN BNG NHAU

(1 + r ) n 1
FVA = A
r
Trong :
FVA (Future Value of Annuity): Gi tr tng lai ca ng tin
bng nhau
A: Khon tin bng nhau s chi trong tng lai vo cui mi nm.
[(1 + r)n - 1]/r: Gi tr tng lai ca mt lot tin bng nhau l 1
ng vi thi gian n giai on v li sut mi giai on l r.
p dng cng thc cho v d trn
FVA = 1.000 x [(1 + 0,1)5 1] / 0,1
FVA = 1.000 x 6,105 = 6.105 USD
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GI TR HIN TI CA MT DNG TIN BNG NHAU

V d: Tnh gi tr hin ti ca mt lot tin bng nhau l 1.000USD
trong 5 nm vi li sut l 10%/nm.
to

909

t1

t2

t3

t4

t5

1000

1000

1000

1000

1000

1000/(1+0.1)1

826
751
683
621

1000/(1+0.1)2
1000/(1+0.1)3
1000/(1+0.1)4
1000/(1+0.1)5

Tong = PVA = 3.791

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GI TR HIN TI CA MT DNG TIN BNG NHAU

(1 + r ) n 1
PVA = A
r (1 + r ) n
Trong :
PVA (Present Value of Annuity): l gi tr hin ti ca mt lot tin
bng nhau
A: Khon tin bng nhau s chi trong tng lai vo cui mi nm.
{1 [1/(1+r)n]}/r: Gi tr hin ti ca mt lot tin bng nhau l 1
ng vi thi gian n giai on v li sut mi giai on l r.
p dng cng thc cho v d trn:
PVA = 1000x{[(1 + 0,1)5 1]} / 0,1(1 + 0,1)5
PVA = 1000 x 0,6105 / 0,16105 = 1000 x 3,791
PVA = 3.791.
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LCH TR N VAY - Vn gc v li u nhau

T cng thc:

(1 + r ) n 1
PVA = A
r (1 + r ) n
PVA r (1 + r ) n
A=
(1 + r ) n 1

V d: Mt d n i vay n 5.000USD (vo nm 0) vi li sut 12%

nm, tr vn gc v li vay u trong 5 nm. Hi s tin mi ln tr
l bao nhiu? Trong , gm bao nhiu li v bao nhiu vn gc.
p dng cng thc
A = 5000 / {[1 - 1/(1+ 0,12)5] / 0,12}
A = 5000 / 3,605 = 1.387: s tin phi tr mi ln

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LCH TR N VAY - Vn gc v li u nhau

Bng lch tr n

Nam

N au ky

5,000 4,213 3,331 2,344 1,238

Lai p/sinh trong ky

600

Tra n

506

400

281

149

1,387 1,387 1,387 1,387 1,387

N goc

787

881

987 1,106 1,238

Tien lai

600

506

400

N cuoi ky

281

149

5,000 4,213 3,331 2,344 1,238

0
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LCH TR N VAY

Vn gc u nhau
Vi v d trn,
S tin gc mi ln tr: 5.000/ 5 = 1.000

Vi vn gc v li u (theo li sut n)
A = (PV + PV. L/s .T)/n
Trong :
A: S tin tr n gc v li tng thi k
PV: S n gc (vay ban u)
T: Thi gian vay
n: S k tr n, n=T/t

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GI TR MT DNG NGN LU TI THI IM BT

K, SUT CHIT KHU BT NG

Gi tr tng lai
FV = A1(1+r1) + A2(1+r1)(1+r2) + . + An(1+r1)(1+rn)

Gi tr hin ti
A1
A2
An
PV =
+
+ ... +
(1 + r1 ) (1 + r1 )(1 + r2 )
(1 + r1 )(1 + r2 )...(1 + rn )
V d
Nm
0
1
2
3
Dng ngn lu rng
1000
1200
1100
Chit khu
10%
12%
15%
+
1100
.
PV = 1000 + 1200
(1+0,1) (1+0,1)(1+0,12)
(1+0,1)(1+0,12)(1+0,15)
PV = 909,09 + 974,03 + 776,40 = 2.659,52
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GI TR MT DNG NGN LU TI THI IM BT

K, SUT CHIT KHU BT NG
V d: Trch dng ngn lu ca 1 d n u t
Nm
1997
1998
1999
Dng ngn lu rng
1000
500
700
Sut chit khu: 10%

2000
900

PV1997 = 1.000 + 500/(1+0,1)1 + 700/(1+0,1)2 + 900/(1+0,1)3

= 2.708,6
PV1998 = 1000(1+0,1)1 + 500 + 700/(1+0,1)1 + 900/(1+0,1)2
= 2.979,7
PV1999 = 1.000(1+0,1)2 + 500(1+0,1)1 + 700 + 900/(1+0,1)1
= 3.278,2
PV2000 = 1.000(1+0,1)3 + 500(1+0,1)2 + 700(1+0,1)1 + 900
= 3.606
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