tailieunhanh - Hidden Financial Risk phần 4

và các cố vấn chuyên môn của họ đang nói dối với công chúng. Trong một số trường hợp, như với WorldCom và Adelphia, các nhà quản lý là hết sức gian lận. Nhưng ngay cả trong trường hợp phổ biến hơn, trong đó quản lý theo thường được chấp nhận nguyên tắc kế toán, quản lý vẫn còn lừa dối cộng đồng đầu tư, | How to Hide Debt with Lease Accounting Exhibit Continued A financial calculator or a spreadsheet package such as Excel can be used apply the function PV . Just plug in X r and n and the calculator or spreadsheet spits out the present value of an ordinary annuity. The trick for both financial calculators and spreadsheets is to understand that they are constructed to allow computations for either single sums or annuities. For an annuity tell the financial calculator or the spreadsheet program that the payment is the rent . it is an annuity and the future value is zero. Financial calculators and spreadsheets programs typically assume that the annuity is an ordinary annuity. If it is an annuity due then change one variable or button and the package will do the rest. A caveat In all situations n and r must be compatible in other words they must use the same time frame. If stated in different time units they must be adjusted and put into the same time units before using the formula or future value tables or calculator or spreadsheet. Panel E Present Value of an Annuity Due Diagram of cash flows j----------- 4 -X------------------1-------1------1- 0 1 2 3 4 5 Formula PVAD X 1 - 1 r -n 1 r 1 . Tables and Calculators In practice a table can be employed that has calculated the present value interest factor simply find the number in the interest rate column and the time period row. Then multiply this interest factor by X to obtain the future value of the ordinary annuity. A financial calculator or a spreadsheet package such as Excel can be used apply the function PV . Just plug in X r and n and the calculator or spreadsheet spits out the present value of an annuity due. The trick for both financial calculators and spreadsheets is to understand that they are constructed to allow computations for either single sums or annuities. For an annuity tell the financial calculator or the spreadsheet program that the payment is the rent . it is an annuity and the future value