1. The document discusses various financial concepts including the importance of financial intelligence, passive income, income statements, balance sheets, and different approaches to valuing stocks.
2. It provides examples of using financial functions in spreadsheets to calculate things like present and future value, interest rates, and payments for investments and loans.
3. The risks and returns of different asset classes are examined, including how to calculate portfolio risk and the security market line to determine required rates of return for stocks.
Time value of money is one of the key concept of finance. This presentation includes a basic idea about the time value of money, its significance with a practical problem
This is the third presentation for the University of New England Graduate School of Business unit GSB711 - Managerial Finance. It explores the time value of money, using examples to help students clarify this concept.
Time value of money is one of the key concept of finance. This presentation includes a basic idea about the time value of money, its significance with a practical problem
This is the third presentation for the University of New England Graduate School of Business unit GSB711 - Managerial Finance. It explores the time value of money, using examples to help students clarify this concept.
Concepts covered:
Concept of Time value of Money
What is Time Line
Concept of Future Value
What is Simple interest and Compound Interest
Using Financial Calculator or Excel functions
What is Present value and Discounting
Finding the discount rate
Finding number of period
Rule of 72
time value of money
,
concept of time value of money
,
significance of time value of money
,
present value vs future value
,
solve for the present value
,
simple vs compound interest rate
,
nominal vs effective annual interest rates
,
future value of a lump sum
,
solve for the future value
,
present value of a lump sum
,
types of annuity
,
future value of an annuity
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network on February 21, 2017.
The time value of money (e.g., present and future value of a lump sum or an annuity) is one of the most fundamental building blocks of financial goal-setting and decision-making. This 90-minute webinar will discuss basic time value of money concepts and the application of time value of money concepts to real-life financial planning decisions. The webinar will also model “hands-on” calculations that participants can use with others (e.g., clients and students) and describe online resources (e.g., videos, calculators, and curricula) that teach time value of money concepts. Participants should bring a financial calculator to complete a series of financial decision-making problems that will be presented during the webinar.
Participants will need to do manual calculations during this webinar. Please join the webinar with a calculator or have access to an online calculator. Additional webinar resources available at https://learn.extension.org/events/2878.
Can trains defy physics? Can a train stick to a track yet, somehow, fly above it? Can a train go slower than an aircraft yet, somehow, get you to your destination faster? Are the laws of physics really just general guidelines? This presentation discusses Maglev technology, and whether it will be the future.
Concepts covered:
Concept of Time value of Money
What is Time Line
Concept of Future Value
What is Simple interest and Compound Interest
Using Financial Calculator or Excel functions
What is Present value and Discounting
Finding the discount rate
Finding number of period
Rule of 72
time value of money
,
concept of time value of money
,
significance of time value of money
,
present value vs future value
,
solve for the present value
,
simple vs compound interest rate
,
nominal vs effective annual interest rates
,
future value of a lump sum
,
solve for the future value
,
present value of a lump sum
,
types of annuity
,
future value of an annuity
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network on February 21, 2017.
The time value of money (e.g., present and future value of a lump sum or an annuity) is one of the most fundamental building blocks of financial goal-setting and decision-making. This 90-minute webinar will discuss basic time value of money concepts and the application of time value of money concepts to real-life financial planning decisions. The webinar will also model “hands-on” calculations that participants can use with others (e.g., clients and students) and describe online resources (e.g., videos, calculators, and curricula) that teach time value of money concepts. Participants should bring a financial calculator to complete a series of financial decision-making problems that will be presented during the webinar.
Participants will need to do manual calculations during this webinar. Please join the webinar with a calculator or have access to an online calculator. Additional webinar resources available at https://learn.extension.org/events/2878.
Can trains defy physics? Can a train stick to a track yet, somehow, fly above it? Can a train go slower than an aircraft yet, somehow, get you to your destination faster? Are the laws of physics really just general guidelines? This presentation discusses Maglev technology, and whether it will be the future.
Annuity Basics is part of our continuing series of presentations for Financial Services Industry Training. We develop custom training specific to the financial services industry. Contact us for a quote or discussion of your needs.
Presentation about careers in the charity/voluntary sector that have a social impact. includes details of the Worthwhile Graduate Scheme. November 2015
مصفوفات صدارة..
الصراع الطبيعي في الحياة لايعني السلبية في الإنسان، بل يوضح لنا الحاجات التي يتم التعامل معها، ونهتم كإداريين بدراستها وتلبيتها لتحقيق الفائدة المشتركة.. مصفوفة (قلب وعقل) توضح ماينتج عند المزج بينهما.
Sadarah 5th-023.. مضعِّفات الأداء.. عرضAbdullah Ali
خمسة آفات تصيب فريق العمل في تنفيذ المهام.. وتختلف المؤثرات والدوافع خلف كل آفة، ويمكن للقائد أن يتلافى وقوع فريقه فيها من خلال التوجيه الصحيح.
تعرف معنا على الآفات لتجنبها، ولمعرفة طريقة قطعها أو تخفيف أثرها
1CHAPTER 7Stocks, Stock Valuation, and Stock Market Equili.docxhyacinthshackley2629
1
CHAPTER 7
Stocks, Stock Valuation, and
Stock Market Equilibrium
2
Topics in Chapter
Features of common stock
Valuing common stock
Preferred stock
Stock market equilibrium
Efficient markets hypothesis
Implications of market efficiency for financial decisions
1
ValueStock = + + +
D1
D2
D∞
(1 + rs )1
(1 + rs)∞
(1 + rs)2
Dividends (Dt)
Market interest rates
Firm’s business risk
Market risk aversion
Firm’s debt/equity mix
Cost of
equity (rs)
Free cash flow
(FCF)
The Big Picture:
The Intrinsic Value of Common Stock
...
For value box in Ch 4 time value FM13.
4
Common Stock: Owners, Directors, and Managers
Represents ownership.
Ownership implies control.
Stockholders elect directors.
Directors hire management.
Since managers are “agents” of shareholders, their goal should be: Maximize stock price.
5
Classified Stock
Classified stock has special provisions.
Could classify existing stock as founders’ shares, with voting rights but dividend restrictions.
New shares might be called “Class A” shares, with voting restrictions but full dividend rights.
6
Tracking Stock
The dividends of tracking stock are tied to a particular division, rather than the company as a whole.
Investors can separately value the divisions.
Its easier to compensate division managers with the tracking stock.
But tracking stock usually has no voting rights, and the financial disclosure for the division is not as regulated as for the company.
7
Different Approaches for Valuing Common Stock
Dividend growth model
Constant growth stocks
Nonconstant growth stocks
Free cash flow method (covered in Chapter 11)
Using the multiples of comparable firms
8
Stock Value = PV of Dividends
What is a constant growth stock?
One whose dividends are expected to grow forever at a constant rate, g.
P0 =
^
(1 + rs)1 (1 + rs)2 (1 + rs)3 (1 + rs)∞
D1 D2 D3 D∞
+
+
+ … +
9
For a constant growth stock:
D1 = D0(1 + g)1
D2 = D0(1 + g)2
Dt = D0(1 + g)t
If g is constant and less than rs, then:
P0 =
^
D0(1 + g)
rs – g
=
D1
rs – g
10
Dividend Growth and PV of Dividends: P0 = ∑(PV of Dt)
$
0.25
Years (t)
Dt = D0(1 + g)t
PV of Dt =
Dt
(1 + r)t
If g > r, P0 = ∞ !
11
What happens if g > rs?
P0 =
^
(1 + rs)1 (1 + rs)2 (1 + rs)∞
D0(1 + g)1 D0(1 + g)2 D0(1 + rs)∞
+
+ … +
(1 + g)t
(1 + rs)t
P0 = ∞
^
> 1, and
So g must be less than rs for the constant growth model to be applicable!!
If g > rs, then
12
Required rate of return: beta = 1.2, rRF = 7%, and RPM = 5%.
rs = rRF + (RPM)bFirm
= 7% + (5%)(1.2)
= 13%.
Use the SML to calculate rs:
13
Projected Dividends
D0 = $2 and constant g = 6%
D1 = D0(1 + g) = $2(1.06) = $2.12
D2 = D1(1 + g) = $2.12(1.06) = $2.2472
D3 = D2(1 + g) = $2.2472(1.06) = $2.3820
11
14
Expected Div.
Quiz #2This Quiz counts for 15 of the course grade. Make s.docxcatheryncouper
Quiz #2
This Quiz counts for 15% of the course grade. Make sure you SHOW ALL WORK and LABEL IT CLEARLY. You MUST provide financial calculator inputs AND the answer. Answer-Only responses, even if correct, WILL NOT receive full credit.
Part 1 (12 points) __________
1. If we know the amount for which a coin was purchased thirty (30) years ago, and the annual rate at which its value has grown, finding the VALUE TODAY is a:
a. Future Value (FV) calculation
b. Present Value (PV) calculation
c. Annuity Calculation (because the growth rate remains constant for each of the fifty years)
d. A Perpetuity (because the present value of any sum fifty years out has VERY LITTLE PV)
2. Monthly principal and interest payments under a loan contract with a fixed interest rate and under which the loan will be paid down to $0 after the last payment; with payments beginning ONE MONTH AFTER the borrower gets the Loan Proceeds are in the form of:
a. A Perpetuity
b. A Consol
c. An Annuity DUE
d. An ORDINARY Annuity
3. The button on the TVM row on a financial calculator which is NOT USED in a simple lump sum FUTURE VALUE problem is:
a. the Present Value (PV) key
b. the Future Value (FV) key
c. the Interest Rate (I/Y) key
d. the Payment (PMT) key
e. the Number of Periods (N) key
4. Which one of the following will increase the PRESENT VALUE of a lump sum future amount? Assume the interest rate is a positive value and all interest is reinvested.
a. increase in the time period
b. increase in the rate of return
c. decrease in the future value
d. decrease in the rate of return
5. Which of the following statements is TRUE?
a. In an annuity due there is one less “interest” period than in an ordinary annuity
b. For the same stream of Cash Flows (CFs), the future value of an annuity due is GREATER THAN the future value of an ordinary annuity.
c. The “default assumption” with annuity CFs is that they take the form of an annuity due.
6. Which one of the following statements is correct?
a. The present value of an annuity increases when the interest rate increases.
b. The present value of an annuity is unaffected by the number of the annuity payments.
c. The future value of an annuity is unaffected by the amount of each annuity payment.
d.The present value of an annuity increases when the interest rate decreases.
7. The future value of a series of Cash Flows over time can be computed by:
a. computing the future value of the average cash flow and multiplying that amount by the number of cash flows.
b. summing the amount of each of the individual cash flows and multiplying the summation by (1 + r)t, where t equals the total number of cash flows.
c.summing the future values of each of the individual cash flows.
d. discounting each of the individual cash flows and summing the results.
8. ( TRUE or FALSE ) In a “pure discount” Loan, the borrower receives the full amount of the Loan Note at ori ...
It is a power point presentation on Ratio analysis which is part of Management Accounting. It is useful for the analysis of financial statements of the company.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
5. Financial Intelligence Income Statement Balance Sheet Income Expenses (Payments) Assets (Own) Liabilities (Debt) Taxes, mortgage/rent, cards, car, food, fun, rent, clothes, child care, insurance, medical Paycheck, dividends, interest, rents, royalties, profits, advances Mortgage, car loan, credit cards, school loans Stocks, bonds, notes, real estate, business, intellectual property
6. How The Wealthy Live They take the income of the poor and middle class, and buy assets that produce more income Income Statement Balance Sheet Income Expenses Assets Liabilities
7. Rich Dad’s Cash Flow Quadrant Employee You have a job. Someone else is the boss. Security before money . Self-Employed You own a job. Loner/”boss.” Perfectionists. Small bus. Owners: Drs., restaurateurs. Independence before money. Developer You own a system that others operate. Coordinator. Delegator. Franchiser. Use other people's time and money. Investor Your money works for you. Make money with money. Other’s liabilities are your assets.
20. Portfolio Return, r p r p is a weighted average: r p = 0.5(17.4%) + 0.5(1.7%) = 9.6% . r p is between r Alta and r Repo . ^ ^ ^ ^ ^ ^ ^ ^ r p = w i r i n i = 1
36. Assume beta = 1.2 , r RF = 7% , and RP M = 5% . What is the required rate of return on the firm’s stock? r s = r RF + (RP M )b Firm = 7% + (5%) (1.2) = 13% . Use the SML to calculate r s :
37. What’s the stock’s market value? D 0 = 2.00, r s = 13%, g = 6%. Constant growth model: = = $30.29. 0.13 - 0.06 $2.12 $2.12 0.07
38.
39.
40. Why are stock prices volatile? D 1 = $2, r s = 10%, and g = 5%: P 0 = D 1 / (r s -g) = $2 / (0.10 - 0.05) = $40 . What if r s or g change? g g g r s 4% 5% 6% 9% 40.00 50.00 66.67 10% 33.33 40.00 50.00 11% 28.57 33.33 40.00
41. In equilibrium, expected returns must equal required returns: r s = D 1 /P 0 + g = r s = r RF + (r M - r RF )b. ^
42. What’s the Efficient Market Hypothesis (EMH)? Securities are normally in equilibrium and are “fairly priced.” One cannot “beat the market” except through good luck or inside information.