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iv. time value of money.

Time value of Money terdiri dari present value juga disebut Discounted
Cash Flow, dan future value.

Nilai waktu dari uang, dimaksud bahwa uang ( Cash Flow) yang akan
diterima diwaktu akan datang, jika dinilai sekarang (present value)
mengalami pengurangan (discounted). Kenapa dinilai sekarang ? untuk
dasar pengambilan keputusan sekarang.

Time Line (2 tahun).

Th.0/sekarang Th1 Th2
, , ,
PV
Present Value .
FV.(Future Vaalue)

Formula Approach.

FV = PV ( m + i )
FVn = PV ( I + i )n
I = Interest.
FVn 1
Maka PV = atau PV = FVn [ ]
( 1 + i )n (1+i) n

Jika PV (DEBT) = 100, sedangkan interest (I) =5% dan n = 3 tahun,

maka :

FV 3 = 100 ( 1 + 0,05 )3 = 115,76. ( bunga majemuk)

100 ?FV.
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0 1 2 3
PV ? 100

Contoh : ( dalam Brigham.)

Simple Interest.
Dapat dirumuskan :

FV = PV + PV (I)(N)

Jika PV = 100, sedangkan interest (I) = 5% dan N =3 tahun, maka :

Besarnya FV3 = 100 + 100 (5%)(3) = 115. Hal ini disebut bunga tetap.
Dalam Manajemen Keuangan yang dipakai adalah nilai Majemuk
(Compound Value)
Explain why this statement is true : “A dollar in hand today
is worth more than a dollar to be
received next year, assuming interest
rates are positive."
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Dalam grafik :

PRESENT VALUE = DISCOUNTING.

Future Value ==>

FVn = PV ( 1 + i )n
I = Interest.
FVn 1
Maka PV = atau PV = FVn [ ]
( 1 + i )n ( 1 + i )n

Dipahami dengan tabel perhitungan :

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Gambaran penurunan nilai dalam grafik :

Menghitung Interest :
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ANNUITIES. ( Cash Flow seri ).

Ada dua macam : Ordinary Annuity dan Annuity Due

Perhitungan Present Value dan Future Value

dari Annuity.

Rumus dan hasil perhitungan ( dalam tabel).

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Rumus tersebut dari :

FVAn = PMT(1 + I)n−1 + PMT(1 + I)n−2 + PMT(1 + I)n−3
Jika PMT = 100 , I =5% dan n = 3 tahun
Maka FVAn = 100 (1+0,05)2 + 100 (1+0,05)1 + 100 ( 1+ 0,05)0
= 315,25

Dari rumus Brigham :

FUTURE VALUE OF ANNUITY DUE.

FVAdue = FVAordinary(1 + I)
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PRESENT VALUE OF ORDINARY ANNUITIES

AND ANNUITIES DUE.

Present Value of Ordinary Annuities.

Present Value of Annuities due

Penggunaan dalam menghitung PV, NPV dan IRR.

PV = FVn ( 1+I)n
Ordinary Annuity
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Investasi menghabiskan dana 1000 M (ICO), menghasilkan

NCF1 (bl Des), 600 jt, NCF2 =600 jt. Jika Interest (Cost of
capital) 10%/tahun.
1
Discount Factor th1 = ----------- = 0,909
( 1 + 0,1)1

1
Discount Factor th2 = ----------- = 0,826
( 1 + 0,1)2

PV NCF1 = 0,909 x 600 jt= 545,4 jt

PV NCF2 = 0,826 x 600 jt= 495,6 jt
Th 1 + Th 2 = 1.041 jt

NPV = 1.041 – 1000 = 41 ( + )  favourable

NPV = Initial Cash Outlays – PV NCF

I 2 – I1
IRR = I1 – NPV1
NPV2 – NPV 1
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Mini Case 3.
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f. 1. What’s the future value of a 3-year ordinary annuity of $100 if the appropriate
interest rate is 10%?
2. What’s the present value of the annuity?
3. What would the future and present values be if the annuity were an annuity due?

f. 1. What’s the future value of a 3-year ordinary annuity of $100 if the appropriate
interest rate is 10%?
2. What’s the present value of the annuity?
3. What would the future and present values be if the annuity were an annuity due?