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    Ulang Kaji MTES 3043

    Uploaded by

    江芷羚
    1. The document discusses various financial concepts related to interest rates including simple interest, compound interest, effective interest rates, and discount rates. It provides formulas for calculating future value, present value, interest, and rates of return. 2. Methods of investment evaluation are explained like net present value (NPV), internal rate of return (IRR), payback period, benefit-cost ratio, and return on investment. Projects are accepted if NPV is positive and rejected if negative. 3. Other topics covered include annuities, loan repayment methods, inflation adjustments, and bonds. Real rates of return are calculated by adjusting nominal rates for inflation.

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    Ulang Kaji MTES 3043

    Uploaded by

    江芷羚
    451 views5 pages
    1. The document discusses various financial concepts related to interest rates including simple interest, compound interest, effective interest rates, and discount rates. It provides formulas for calculating future value, present value, interest, and rates of return. 2. Methods of investment evaluation are explained like net present value (NPV), internal rate of return (IRR), payback period, benefit-cost ratio, and return on investment. Projects are accepted if NPV is positive and rejected if negative. 3. Other topics covered include annuities, loan repayment methods, inflation adjustments, and bonds. Real rates of return are calculated by adjusting nominal rates for inflation.

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    1. The document discusses various financial concepts related to interest rates including simple interest, compound interest, effective interest rates, and discount rates. It provides formulas for calculating future value, present value, interest, and rates of return. 2. Methods of investment evaluation are explained like net present value (NPV), internal rate of return (IRR), payback period, benefit-cost ratio, and return on investment. Projects are accepted if NPV is positive and rejected if negative. 3. Other topics covered include annuities, loan repayment methods, inflation adjustments, and bonds. Real rates of return are calculated by adjusting nominal rates for inflation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    451 views5 pages

    Ulang Kaji MTES 3043

    Uploaded by

    江芷羚
    1. The document discusses various financial concepts related to interest rates including simple interest, compound interest, effective interest rates, and discount rates. It provides formulas for calculating future value, present value, interest, and rates of return. 2. Methods of investment evaluation are explained like net present value (NPV), internal rate of return (IRR), payback period, benefit-cost ratio, and return on investment. Projects are accepted if NPV is positive and rejected if negative. 3. Other topics covered include annuities, loan repayment methods, inflation adjustments, and bonds. Real rates of return are calculated by adjusting nominal rates for inflation.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Masa antara tarikh :

    Setengah tahun = 2
    Suku tahun = 4
    Setiap bulan = 12
    Setiap hari = 365
    Tempoh tepat setahun (exact time) = 365 用来找 faedah tepat

    Tempoh anggaran setahun (approximate time) = 360 用来找 faedah biasa

    Formula (Jumlah pinjaman/nilai matang/maturity value)

    S = P (1+rt)

    Faedah mudah (simple interest)

    I = PRT

    Faedah Kompaun (compound interest)

    FV = PV (1+i)n

    FV = Nilai masa hadapan (Future value)


    PV = Nilai kini (Present value)
    I = kadar faedah setahun (interest rate anually)
    N = bil. Tahun

    Lebih dari sekali dari setahun: (over one time from a year)
    i nm
    FV = PV (1+ )
    m

    Differences between compounding and Discounting


    Compounding Discounting
    Proses change from present value to future Proses change from future value to present
    value value
    Cause future value increase, rate increases Causes present value decrease, rate
    decreases

    Kadar faedah efektif (Effective interest rate)


    i m
    R = (1+ ) –1
    m
    r = kadar faedah efektif
    I = kadar faedah setahun / kadar norminal (norminal interest rate)
    M = kekerapan kompaun setahun (number of period)

    Lebih kerap faedah dikompaun, lebih tinggi nilai depan sesuatu amaun.
    Secara tahunan, kadar norminal = kadar efektif (effective rate)
    Uses :
    1. for savings or investment products, such as a certificate of deposit. Since any loan is an investment
    product for the lender, the terms may be used to apply to the same transaction, depending on the point
    of view.
    2. may be calculated or applied differently depending on the circumstances, and the definition should be
    studied carefully.

    Anuiti (Annuity)
    1. Anuiti Biasa (Ordinary annuity) = anuiti serta-merta (immediately annuity)
    a. Bayaran dibuat pd setiap akhir masa faedah kompaun
    b. Pembayaran pendapatan bermula dlm 12 bln slps dibeli
    c. Cth : Cukai tanah, pembayaran balik pinyaman bank
    2. Anuiti Matang (Annuity due) = Anuiti cukup tempoh
    a. Bayaran dibuat pd awal masa faedah
    b. Cth : bayaran sewa rumah, dibayar sblm menduduk premis
    3. Anuiti tertunda 没有按时还利息
    a. Pembayaran pendapatan bermula >12 bln slps dibeli (blh bayar sekali gus / membuat satu
    siri bayaran berkala sehingga persaraan)
    b. Bayaran pertama dibuat slps selang masa penangguhan
    4. Anuiti serta-merta (immediately annuity)

    R = bayaran berkala setiap tempoh


    i = kadar faedah kompaun setiap tempoh
    n = bil. Tempoh bayaran

    FVn (Annuity Due) = PMT (FVIFAi,n)(1 +i)

    Pelunasan Pinjaman
    1. Kaedah bayar balik pinjaman
    a. Pembayaran tunggal pd hujung tempoh pinjaman (最后才一次过还钱)
    b. Pembayaran faedah sahaja secara berkala (每个月只还利息)
    c. Pembayaran berkala secara uniform (konsep anuiti serta-merta)
    2. Pelunasan pinjaman
    Pi
    a.
    1−(1+i)−n

    Pemilihan pelaburan (investment evaluation)


    Projek bebas = penerimaan & penyingkiran projek tidak memberi kesan kpd projek lain
    Projek esklusif = penerimaan sst projek memberi kesan kpd penerimaan & penyingkiran projek lain

    Kaedah penilaian : (Evaluation method)


    https://www.businessmanagementideas.com/investment/proposals-investment/evaluation-of-investment-
    proposals-7-methods-financial-management/16523
    1. Nilai kini bersih (NPV) Net Present Value

    CF n
    NPV = t
    −CF 0
    (1+k )
    CF n =Aliran Tunaitambahan tahunan selepas cukai (net cash inflow during the period)
    CF 0 =Pelaburan Awal (initial investment)
    k =Kos modal projek (cost modal)
    n=Hayat projek (number of time periods)

    Definition = difference between the present value of cash inflows and the present value of cah
    outflows over a period of times.

    Projek diterima jika NPV = +ve , projek ditolak jika NPV = -ve
    Jika NPV =0 , aliran tunai hanya cukup utk menampung modal yg dikeluarkan

    Cth:

    Tahun / Aliran Tunai / Diskaun / Nilai Kini /


    Year Cash Inflows Discounting factors present value
    (n) (RM) (r1 = 15%) (RM)
    0 -200 000 1.000 -200 000
    1 100 000 0.870 87 000
    2 80 000 0.756 60 480
    3 60 000 0.658 39 480
    4 40 000 0.572 22 800
    5 20 000 0.497 9 940
    NPVA = 19 780

    1
    Diskaun=
    ¿¿
    Nilai Kini (RM )= AliranTunai × Diskaun( %)

    NPV =Jumlah Nilai Kini

    ATAU

    100 000 80 000 60 000 40 000 20 000


    NPV =
    [ 1
    + 2
    + 3
    + 4
    +
    ]
    ( 1+ 0.15 ) ( 1+ 0.15 ) ( 1+0.15 ) ( 1+0.15 ) ( 1+0.15 )5
    −200 000
    ¿ ( 86956.52+60491.49+39450.97+22870.13+ 9943.53 )−200 000

    ¿ 219712.64−200 000

    ¿ RM 19 712.64

    2. Kadar pulangan dalaman, IRR (Internal of Return)


    IRR : kadar diskaun yg memberi NPV=0

    NPV
    IRR=NPV + ( )
    ( r −r )
    NPV + NPV 1 2 1

    NPV =NPV pada kadar diskaunrendah


    NPV 1 =NPV pada kadar diskaun tinggi(tandanegatif tidak diambil kira)
    r 1=kadar diskaunrendah (low discount rate)
    r 2=kadar diskauntinggi

    3. Tempoh bayar balik (Payback Peroid)


    Definition = the amount of time it takes to recover the cost of an investment
    Shorter paybacks period = more attractive investments

    4. Nisbah kos Faedah (Benefit-Cost Ratio)


    Used in cost-benefit analysis to sumerize overall relationship between the relative costs & benefits
    of project
    BCR > 1.0 = NPV +ve
    Jumlah faedah
    Nisbah kos faedah=
    Modal

    5. Pulangan ke atas Pelaburan


    Jumlah Faedah−Pelaburan Awal
    Keuntungan Atas Purata ( KTP ) =
    Tahun
    KTP
    Pulangan Atas Pelaburan( ROI )= ×100 %
    Pelaburan Awal

    ROI = Return On Investment

    Inflasi = keadaan kenaikan harga umum dlm ekonomi secara berterusan

    Kadar Inflasi (KI) – Inflation rate


    (CPI x+1 – CPIx) / CPIx

    Indeks Harga Pengguna (CPI) – Consumer Price Index

    Real Rate of Return / Real Rate of Interest


    Kadar Pulangan Sebenar = (1+kadar nominal / 1 + kadar inflasi) - 1

    Bon = kontrak bertulis antara peminjam & pemberi pinjaman (pemegang bon)
    - Menyatakan peminjam berjanji utk membayar dlm tarikh yg ditentukan
    - Membuat bayaran faedah yg ditentukan
    - Akan dinyata dlm bon 法案
    - Harga belian bon =

    All formula = pg 140 – 143

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