MATA KULIAH : Manajemen Keuangan 1

KODE MATA KULIAH/SKS : MN5003 / 3 sks

KURIKULUM : 2012
VERSI : 0.1
 PERTEMUAN 10
• Compound Interest and Future Value
• Future Value of Annuity

2
 KEMAMPUAN AKHIR YANG DIHARAPKAN

Mahasiswa mampu menghitung nilai waktu dari

uang dan mengaplikasikannya secara sederhana.

3
MATERI POKOK

• Compound Interest and Future Value

• Compound interest with non annual periods
•  Present Value
• Annuities – A Level Stream

4
 SUMBER PUSTAKA

• Gitman, L. J. 2012,”Principles of Managerial

Finance”,13th ed., Pearson (Chapter 5)

5
 Time Value of Money
The time value of money refers to the observation that
is better to receive money sooner than later.

Money that you have in hand today can be invested to

earn a positive rate of return, producing more money
tomorrow.

6
Time line showing
compounding to find future value and
discounting to find present value

Compounding: to
find the future value to
each cash flow at the
end of the investment’s
life and than sums
these vales to find the
investment’s future
value.

Discounting: to find
the present value of
each cash flow at time
zero and then sums
these values to find the
investment’s value
today.

7
Simple Interest
• Interest is earned on principal
• $100 invested at 6% per year
• 1st year interest is $6.00
• 2nd year interest is $6.00
• 3rd year interest is $6.00
• Total interest earned:$18

8
Compound Interest
• Interest is earned on previously earned interest
• $100 invested at 6% with annual compounding
• 1st year interest is $6.00 Principal is $106
• 2nd year interest is $6.36 Principal is $112.36
• 3rd year interest is $6.74 Principal is $119.11
• Total interest earned: $19.10

9
The Time Value of Money

Compounding and
Discounting Single Sums
We know that receiving $1 today is worth more
than $1 in the future. This is due to
opportunity costs.
The opportunity cost of receiving $1 in the future
is the interest we could have earned if we had
received the $1 sooner.

Today Future
 If we can measure this opportunity
cost, we can:
• Translate $1 today into its equivalent in the future
(compounding).
Today Future

?
• Translate $1 in the future into its equivalent today
(discounting).
Today Future

?
Future Value
 FV = PV (1 + i)n atau
FV = PV (FVIF i, n )
FV = Nilai masa depan investasi di akhir tahun
ke n
i = Interest Rate (Tingkat suku bunga atau
diskonto) tahunan
PV = Present Value (Nilai sekarang atau
jumlah investasi mula-mula diawal tahun)

(1+i)n dapat dihitung menggunakan tabel FVIF-Future Value

Interest Factor
Compounding / Bunga Majemuk dengan periode
Non Tahunan

• Periode bunga majemuk selain

tahunan,pada beberapa transaksi periode
pemajemukan bisa harian, 3 bulanan atau
tengah tahunan
 FVn = PV (1+i/m) mn

FVn = nilai masa depan investasi diakhir tahun ke-n

PV = nilai sekarang atau jumlah investasi
mula-mula diawal tahun pertama
n = jumlah tahun pemajemukkan
i = tingkat suku bunga (diskonto) tahunan
m = jumlah berapa kali pemajemukkan terjadi
Future Value - single sums
If you deposit $100 in an account earning 6% with quarterly compounding, how
much would you have in the account after 5 years?

PV = -100 FV = 134.68

0 20
Mathematical Solution:
 FV = PV (FVIF i, n )
FV = 100.000 (FVIF .015, 20 ) (can’t use FVIF table ?)

 FV = PV (1 + i/m) m x n
FV = 100.000 (1.015)20 = $ 134.68 17
 Hint for single sum problems:
• In every single sum future value and present
value problem, there are 4 variables:
• FV, PV, i, and n
• When doing problems, you will be given 3 of
these variables and asked to solve for the 4th
variable.
• Keeping this in mind makes “time value”
problems much easier!
Nilai uang pada saat ini
contoh kasus: sekarang ini Pak Andi
memiliki uang sebesar Rp10.000.000
dan ingin diinvestasikan di reksa dana
saham. Hasil investasi reksa dana
saham mencapai 12% per tahun.
Berapa uang yang dimiliki Pak Andi
setelah berinvestasi selama 5 tahun?

19
Diketahui:
•Rate = 12% per tahun
•nPer = 5 tahun
•PMT = tidak ada
•PV = 10.000.000
•FV = ditanyakan
Gunakan rumus Ms. Excel untuk menghitung
PV:
= FV(rate, nper, pmt, pv, type)
= FV(12%, 5,,-10.000.000,0)
= Rp17.623.417
 
Kesimpulan: Uang Pak Andi akan menjadi
sebesar Rp17.623.417 setelah Beliau
berinvestasi di reksa dana, dengan asumsi hasil
investasi 12% per tahun selama 5 tahun.
20
Present Value
Present Value - single sums
What is the PV of $1,000 to be received 15 years from
now if your opportunity cost is 7%?

PV = -362.45 FV = 1000

0 15
Mathematical Solution:
PV = FV (PVIF i, n )
PV = 100 (PVIF .07, 15 ) (use PVIF table, or)
PV = FV / (1 + i)n
PV = 1000 / (1.07)15 = $362.45 22
Present Value - single sums
If you sold land for $11,933 that you bought 5 years ago
for $5,000, what is your annual rate of return?

PV = -5000 FV = 11,933

0 5
PV = FV (PVIF i, n )  5,000 = 11,933 (PVIF ?, 5 )

PV = FV / (1 + i)n
5,000 = 11,933 / (1+ i)5
i = .19
23
Nilai uang pada saat ini
contoh kasus: 5 tahun lagi Andi membutuhkan uang
Rp100.000.000 untuk menyekolahkan anaknya di
universitas. Jika saat ini bunga deposito adalah 5% per
tahun, berapa uang yang harus didepositokan Andi saat
ini?

24
Diketahui:
•Rate = 5% per tahun
•nPer = 5 tahun
•PMT = tidak ada
•FV = -Rp100.000.000
•PV = ditanyakan
Gunakan rumus Ms. Excel untuk menghitung PV:
= PV(rate, nper, pmt, fv, type)
= PV(5%, 5,,-100.000.000,0)
= Rp78.352.617
 
Kesimpulan: Jika Pak Andi mendepositokan
uangnya sebesar Rp78.352.617 saat ini dengan
bunga 5% selama 5 tahun, maka uang Pak Andi
menjadi Rp100.000.000 dalam 5 tahun ke depan.

25
 The Time Value of Money

Compounding and Discounting

Cash Flow Streams

0 1 2 3 4
Annuities

• Annuity: a sequence of equal cash

flows, occurring at the end of each
period.

0 1 2 3 4
 Examples of Annuities:
• If you buy a bond, you will receive
equal semi-annual coupon interest
payments over the life of the bond.
• If you borrow money to buy a
house or a car, you will pay a
stream of equal payments.
Future Value - annuity
If you invest $1,000 each year at 8%, how much would you
have after 3 years?

Mathematical Solution:
FV = PMT (FVIFA i, n )
FV = 1,000 (FVIFA .08, 3 ) (use FVIFA table, or)

FV = PMT (1 + i)n - 1
i
FV = 1,000 (1.08)3 - 1 = $3246.40
.08
Present Value - annuity
What is the PV of $1,000 at the end of each of the next 3 years,
if the opportunity cost is 8%?

1
PV = PMT 1 - (1 + i)n
i

1
PV = 1000 1 - (1.08 )3 = $2,577.10
.08
 TYPES OF ANNUITIES

ORDINARY ANNUITY
An annuity for which
the cash flow occurs
at the end of each
period

ANNUITY DUE
An annuity for which the cash flow occurs at the beginning of each period

31
 ORDINARY ANNUITY

Future Value of an Ordinary Annuity

 

Present Value of an Ordinary Annuity

 
 Examples

Present value of an ordinary annuity

Braden Company, a small producer of plastic

toys, wants to determine the most it should pay
to purchase a particular annuity. The annuity
consists of cash flows of $700 at the end of
each year for 5 years. The firm requires the
annuity to provide a minimum return of 8%

33
34
 Present value of an ordinary annuity

 CF   1 
PV     1  n 
 r    1  r  

PV = $ 2,794.90

35
Fran Abrams wishes to determine
how much money she will have at
the end of 5 years if she chooses
annuity A, the ordinary annuity. She
will deposit $1,000 annually, at the
end of each of the next 5 years, into
a saving account paying 7% annual
interest. This situation is depicited
on the following time line:

36
Answer

37
 ANUITY DUE

Future Value of an Anuity Due

 

Present Value of an Anuity Due

 
 Case Amount of Annuity Interest Rate Period (year)

A $12,000 7% 3

B 55,000 12 15

C 700 20 9

D 140,000 5 7

E 22,500 10 5

Calculate the present value of the annuity assuming that it is

(1) An annuity due

39
Perpetuities & Infinite Series
Misalkan Anda akan menerima pembayaran tetap
setiap periode (bulan, tahun, dll) selamanya.

Anda dapat menganggap lamanya sebagai anuitas

yang berlangsung

Contoh: Dana Pensiun

PV = CF : r
 QUESTIONS

Determine the present value of each perpetuity

Perpetuity Annual amount Discount rate

A $ 20,000 8%

B 100,000 10

C 3,000 6

D 60,000 5

41
 ANSWER

PV = CF : r
Case Equation Value

A $20,000  0.08 $250,000

B $100,000  0.10 $1,00,000

C $3,000  0.06 $50,000

D $60,000  0.05 $1,200,000

42

MIXED STREAMS
End of year
If shrell expects to earn 8% on its
investment, how much will it
accumulate by the end of year 5 if it
immediately invest these cash flow
when they are received
A stream of unequal periodic
cash flows that reflect no
particular pattern
Cash flow
1 $ 11,500
2 14,000
3 12,900
4 16,000
5 18,000
43
 The table below shows a mixed cash flow stream,
except hat the flow for year 3 is missing

Year 1 $ 10,000
Year 2 5,000
Year 3 ?
Year 4 20,000
Year 5 3,000

Suppose that somehow you know that the present value of the entire
stream is $32,911.03 and the discount rate is 4%. What is the amount of the missing
cash flow in year 3?

44
 Year CFt PV @ 4%

1 $10,000 $9,615.38

2 $5,000 $4,622.78

3 ?  

4 $20,000 $17,096.08

5 $3,000 $ 2,465.78

  Sum $33,800.02

Step 1: Calculation of present value of known cash flows

Step 2: Identify difference between total amount and sum in
Step 1.
$32,911.03 - $33,800.02 = -$888.99
Step 3: Calculate the amount needed in 3 years that is worth
the Step 2 value today
N = 3, I = 4%, PV = -$888.99
Solve for FV = -$999.99

45
Making Interest Comparable
• Untuk membuat keputusan yang tepat mengenai
investasi atau pinjaman uang, penting agar suku
bunga tersebut dapat diperbandingkan, karena
seringkali dinyatakan dalam pemajemukan
kuartalan, bulanan, mingguan bahkan harian
• Tools untuk mendefinisikan nominal or quoted
interest rate adalah menghitung APY.

46
Annual Percentage Yield (APY)
Which is the better loan:
• 8% compounded annually, or
• 7.85% compounded quarterly?
• We can’t compare these nominal (quoted) interest
rates, because they don’t include the same number
of compounding periods per year!
We need to calculate the APY.
Annual Percentage Yield (APY)

APY = ( quoted rate

1+ m ) -1m
• Find the APY for the quarterly loan:

APY = ( 1+
.0785
4
) -1 4
APY = .0808, or 8.08%

• The quarterly loan is more expensive than the 8%

loan with annual compounding!
 Loan amortization

1. Noah baru saja meminjam uang dari Bank Bukosim sebesar Rp 20.000.000.000
yang harus diangsur kembali sebanyak empat kali dalam jumlah angsuran yang
sama setiap tahunnya. Bunga majemuk yang ditentukan sebesar 10 % per tahun.
(Bobot 20 poin)
a. Berapakah besarnya angsuran per tahun?
b. Buatlah tabel amortisasinya (Judul kolom tabel: Waktu – Pembayaran – Bunga –
Angsuran Pokok Pinjaman – Sisa Pokok Pinjaman)
c. Jika bungan dibebankan per 3 bulan (quarterly), berapa besar angsuran per 3
bulan?
d. Buat tabel amortisasinya!

49
 20.000.000.000 = PMT . (3.1698654463492930810736971518339)
PMT = 6.309.416.074,12

Angsuran Pokok
Waktu Pembayaran Bunga 10% Sisa Pokok Pinjaman
Pinjaman
0       20,000,000,000.00
1 6,309,416,074.12 2,000,000,000.00 4,309,416,074.12 15,690,583,925.88
2 6,309,416,074.12 1,569,058,392.59 4,740,357,681.53 10,950,226,244.34
3 6,309,416,074.12 1,095,022,624.43 5,214,393,449.69 5,735,832,794.66
4 6,309,416,074.12 573,583,279.47 5,735,832,794.66 (0.00)

50
 20.000.000.000 = PMT . (13,055002659942036703515082591502)
PMT = 1.531.979.772

Waktu Pembayaran Bunga Angsuran Pokok Pinjaman Sisa Pokok Pinjaman

0       20,000,000,000
1 1,531,979,772 500,000,000 1,031,979,772 18,968,020,228
2 1,531,979,772 474,200,506 1,057,779,266 17,910,240,962
3 1,531,979,772 447,756,024 1,084,223,748 16,826,017,214
4 1,531,979,772 420,650,430 1,111,329,342 15,714,687,872
5 1,531,979,772 392,867,197 1,139,112,575 14,575,575,297
6 1,531,979,772 364,389,382 1,167,590,390 13,407,984,907
7 1,531,979,772 335,199,623 1,196,780,149 12,211,204,758
8 1,531,979,772 305,280,119 1,226,699,653 10,984,505,105
9 1,531,979,772 274,612,628 1,257,367,144 9,727,137,961
10 1,531,979,772 243,178,449 1,288,801,323 8,438,336,638
11 1,531,979,772 210,958,416 1,321,021,356 7,117,315,282
12 1,531,979,772 177,932,882 1,354,046,890 5,763,268,392
13 1,531,979,772 144,081,710 1,387,898,062 4,375,370,329
14 1,531,979,772 109,384,258 1,422,595,514 2,952,774,816
15 1,531,979,772 73,819,370 1,458,160,402 1,494,614,414
16 1,531,979,774 37,365,360 1,494,614,414 0

51