Time

Time Value
Value of
of Money
Money

By
By :: IRENE
IRENE RINI.
RINI. DP
DP

1
 The
The Time
Time Value
Value of
of Money
Money

 The Interest Rate

 Simple Interest
 Compound Interest

2
 The
The Interest
Interest Rate
Rate
Anda lebih suka memilih uang sebesar --
$10,000 hari ini atau $10,000 lima
tahun yang akan datang?
datang

Tentu memilih menerima , $10,000 hari ini

Karena akan memberikan kesempatan

pada kita untuk menanamkan uang
tersebut dan memperoleh bunga

TIME VALUE Of MONEY!!

MONEY
3
 TINGKAT
TINGKAT SUKU
SUKU BUNGA
BUNGA

 Simple Interest (Bunga Sederhana)

Perhitungan bunga yang dibayarkan
(diterima) dengan cara mengalikan
prosentase bunga dengan pokok
pinjaman (simpanan)

4
 TINGKAT
TINGKAT SUKU
SUKU BUNGA
BUNGA

 Compound Interest (Bunga Majemuk)

Bunga yang dibayarkan (diterima)
dari pinjaman (investasi)
ditambahkan pada pinjaman
(investasi) pokok secara berkala.

5
 Simple
Simple Interest
Interest Formula
Formula

Formula SI = P0(i)(n)
SI: Simple Interest
P0: Pokok pinjaman (t=0)
i: Tingkat bunga per Periode
n: Jangka waktu (periode)
6
 Contoh
Contoh Simple
Simple Interest
Interest
Jika anda menabung sebesar $1,000
dengan tingkat bunga 7% per tahun.
Jangka waktu tabungan 2 tahun.
Dengan perhitungan bunga sederhana,
berapa jumlah bunga yang akan anda
terima pada akhir tahun ke dua?
SI = P0(i)(n)
= $1,000(.07)(2)
= $140

7
 Simple
Simple Interest
Interest (FV)
(FV)
 Berapa nilai tabungan dua tahun yang akan
datang (Future Value)?
Value)

FV = P0 + SI = $1,000 + $140 =
$1,140
 Future Value, adalah nilai di waktu yang
akan datang dari sejumlah uang saat ini,
atau serangkaian pembayaran yang
dievaluasi pada tingkat bunga yang
berlaku.
8
 Simple
Simple Interest
Interest (PV)
(PV)

Present Value, adalah Nilai

sekarang dari nilai uang di masa
depan, atau serangkaian
pembayaran yang dievaluasi pada
tingkat bunga yang ada.

9
 Compound
Compound Interest
Interest
Future Value of a Single $1,000 Deposit
Future Value (U.S. Dollars)

20000
10% Simple
15000 Interest
10000 7% Compound
Interest
5000 10% Compound
Interest
0
1st Year 10th 20th 30th
Year Year Year
10
 Future
Future Value
Value
Single
Single Deposit
Deposit (Graphic)
(Graphic)
Jika menabung $1,000 dengan
bunga majemuk 7% per tahun jangka
waktu tabungan selama 2 th tahun.
tahun

0 1 2
7%
$1,000
FV2
11
 Future
Future Value
Value
Single
Single Deposit
Deposit (Formula)
(Formula)

FV1 = P0 (1+i)1 = $1,000 (1.07) =

$1,070
Compound Interest
Akan menerima bunga $70 pada
tahun pertama dengan tabungan
sebesar $1,000
Besarnya sama dengan simple interest
12
 Future
Future Value
Value
Single
Single Deposit
Deposit (Formula)
(Formula)

FV1 = P0 (1+i)1 = $1,000 (1.07) =

$1,070
FV2 = FV1 (1+i)1 = P0 (1+i)(1+i) =
$1,000(1.07)(1.07)
$1,000 = P0 (1+i)2 =
$1,000(1.07)
$1,000 2 = $1,144.90

Akan menerima EXTRA $4.90 pada tahun ke 2

dengan compound interest.
13
 General
General Future
Future
Value
Value Formula
Formula
FV1 = P0(1+i)1
FV2 = P0(1+i)2
etc.

General Future Value Formula:

FVn = P0 (1+i)n
or FVn = P0 (FVIFi,n) -- See Table I
14
 Valuation
Valuation Using
Using Table
Table II
FVIFi,n is found on Table I at End
of Book or on the Card Insert.
Period 6% 7% 8%
1 1.060 1.070 1.080
2 1.124 1.145 1.166
3 1.191 1.225 1.260
4 1.262 1.311 1.360
15
5 1.338 1.403 1.469
 Using
Using Future
Future Value
Value Tables
Tables
FV2 = $1,000 (FVIF7%,2)
= $1,000 (1.145)
= $1,145 [Due to Rounding]
Period 6% 7% 8%
1 1.060 1.070 1.080
2 1.124 1.145 1.166
3 1.191 1.225 1.260
4 1.262 1.311 1.360
5 1.338 1.403 1.469
16
 Story
Story Problem
Problem Example
Example
Julie Miller ingin mengetahui uang sebesar
$10,000 ditabungkan sekarang 5 tahun lagi
menjadi berapa, dengan bunga majemuk
10% per tahun.
0 1 2 3 4 5
10%
$10,000
FV5
17
 Story
Story Problem
Problem Solution
Solution
 Perhitungan berdasarkan pada rumus
umum : FVn = P0 (1+i)n
FV5 = $10,000 (1+ 0.10)5
= $16,105.10
 Calculation based on Table I:
FV5 = $10,000 (FVIF10%, 5)
= $10,000 (1.611)
= $16,110 [Due to Rounding]
18
 Present
Present Value
Value
Single
Single Deposit
Deposit (Graphic)
(Graphic)
Jika anda memerlukan uang $1,000 pada 2
tahun yang akan datang. Berapa uang
yang harus anda tabung saat ini, jika
tingkat bunga per tahun 7%.
0 1 2
7%
$1,000
PV0 PV1
19
 Present
Present Value
Value Single
Single Deposit
Deposit
(Formula)
(Formula)

PV0 = FV2 / (1+i)2 = $1,000 / (1.07)2

= FV2 / (1+i)2 = $873.44

0 1 2
7%
$1,000
PV0
20
 General
General Present
Present
Value
Value Formula
Formula
PV0 = FV1 / (1+i)1
PV0 = FV2 / (1+i)2
etc.

General Present Value Formula:

PV0 = FVn / (1+i)n
or PV0 = FVn (PVIFi,n) -- See Table II
21
 Valuation
Valuation Using
Using Table
Table IIII
PVIFi,n is found on Table II at End
of Book or on the Card Insert.
Period 6% 7% 8%
1 .943 .935 .926
2 .890 .873 .857
3 .840 .816 .794
4 .792 .763 .735
5 .747 .713 .681
22
 Using
Using Present
Present Value
Value Tables
Tables
PV2 = $1,000 (PVIF7%,2)
= $1,000 (.873)
= $873 [Due to Rounding]
Period 6% 7% 8%
1 .943 .935 .926
2 .890 .873 .857
3 .840 .816 .794
4 .792 .763 .735
23
5 .747 .713 .681
 Story
Story Problem
Problem Example
Example
Julie Miller ingin mengetahui berapa yang
harus dia tabung sekarang, jika
menginginkan uang $10,000 pada 5 tahun
dengan tingkat bunga (discount rate) 10%.
0 1 2 3 4 5
10%
$10,000
PV0
24
 Story
Story Problem
Problem Solution
Solution
 Calculation based on general formula:
PV0 = FVn / (1+i)n
PV0 = $10,000 / (1+ 0.10)5
= $6,209.21
 Calculation based on Table I:
PV0 = $10,000 (PVIF10%, 5)
= $10,000 (.621)
= $6,210.00 [Due to Rounding]
25
 Anuitas
Anuitas (Annuities)
(Annuities)
 Suatu anuitas menunjukkan serangkaian
pembayaran atau penerimaan yang
besarnya sama, pada waktu tertentu
 Ordinary Annuity (Anuitas biasa) :
Pembayaran (penerimaan) terjadi pada akhir
setiap periode. (mis akhir tahun).
 Annuity Due (anuitas
( jatuh tempo),
pembayaran (penerimaan) terjadi pada awal
setiap periode.

26
 Examples of Annuities

 Student Loan Payments

 Car Loan Payments
 Insurance Premiums
 Mortgage Payments
 Retirement Savings
27
 Parts
Parts of
of an
an Annuity
Annuity
(Ordinary Annuity) (Annuity Due) (Annuity Due)
End of Beginning of End of
Year 1 Year 1 Year 1

0 1 2 3

$100 $100 $100

Today Equal Cash Flows

28
Each 1 Year Apart
 Overview
Overview ofof an
anOrdinary
Ordinary
Annuity
Annuity --
-- FVA
FVA
End of Year
0 1 2 n n+1
i% . . .
R R R
R: Periodic
Cash Flow

FVAn = R(1+i) + R(1+i)

n-1 n-2 + FVAn
... + R(1+i)1 + R(1+i)0
29
 Example
Example ofof an
an Ordinary
Ordinary
Annuity
Annuity --
-- FVA
FVA
End of Year
0 1 2 3 4
7%
$1,000 $1,000 $1,000
$1,070
$1,145
FVA3 = $1,000(1.07)2 +
$1,000(1.07)1 + $1,000(1.07)0 $3,215 = FVA3
= $1,145 + $1,070 + $1,000 =
$3,215
30
 Valuation
Valuation Using
Using Table
Table III
III
FVAn = R (FVIFAi%,n)
FVA3 = $1,000 (FVIFA7%,3)
= $1,000 (3.215) = $3,215
Period 6% 7% 8%
1 1.000 1.000 1.000
2 2.060 2.070 2.080
3 3.184 3.215 3.246
4 4.375 4.440 4.506
5 5.637 5.751 5.867
31
 Overview
Overview of
of an
an
Annuity
Annuity Due
Due --
-- FVAD
FVAD
Beginning of Year
0 1 2 n n+1
i% . . .
R R R
R: Periodic
Cash Flow

FVADn = R(1+i)n + R(1+i)n-1 + FVADn

... + R(1+i)2 + R(1+i)1 =
FVAn (1+i)
32
 Example
Example of
of an
an
Annuity
Annuity Due
Due --
-- FVAD
FVAD
Beginning of Year
0 1 2 3 4
7%
$1,000 $1,000 $1,000 $1,070
$1,145
$1,225
FVAD3 = $1,000(1.07)3 +
$1,000(1.07)2 + $1,000(1.07)1 FVAD3 = $3,440
= $1,225 + $1,145 + $1,070 =
$3,440
33
 Valuation
Valuation Using
Using Table
Table III
III
FVADn = R (FVIFAi%,n)(1+i)
FVAD3 = $1,000 (FVIFA7%,3)(1.07)
= $1,000 (3.215)(1.07) = $3,440

Period 6% 7% 8%
1 1.000 1.000 1.000
2 2.060 2.070 2.080
3 3.184 3.215 3.246
4 4.375 4.440 4.506
5 5.637 5.751 5.867
34
 Overview
Overview ofof an
an Ordinary
Ordinary
Annuity
Annuity --
-- PVA
PVA
End of Year
0 1 2 n n+1
i% . . .
R R R

R: Periodic
Cash Flow
PVAn
PVAn = R/(1+i)1 + R/(1+i)2
+ ... + R/(1+i)n
35
 Example
Example ofof an
an Ordinary
Ordinary
Annuity
Annuity --
-- PVA
PVA
End of Year
0 1 2 3 4
7%
$1,000 $1,000 $1,000
$934.58
$873.44
$816.30
$2,624.32 = PVA3 PVA3 = $1,000/(1.07)1 +
$1,000/(1.07)2 + $1,000/(1.07)3
= $934.58 + $873.44 + $816.30
= $2,624.32
36
 Valuation
Valuation Using
Using Table
Table IV
IV
PVAn = R (PVIFAi%,n)
PVA3 = $1,000 (PVIFA7%,3)
= $1,000 (2.624) = $2,624
Period 6% 7% 8%
1 0.943 0.935 0.926
2 1.833 1.808 1.783
3 2.673 2.624 2.577
4 3.465 3.387 3.312
5 4.212 4.100 3.993
37
 Overview
Overview of
of an
an
Annuity
Annuity Due
Due --
-- PVAD
PVAD
Beginning of Year
0 1 2 n n+1
i% . . .
R R R

R: Periodic
PVADn Cash Flow

PVADn = R/(1+i)0 + R/(1+i)1 + ... + R/(1+i)n-1

= PVAn (1+i)
38
 Example
Example of
of an
an
Annuity
Annuity Due
Due --
-- PVAD
PVAD
Beginning of Year
0 1 2 3 4
7%
$1,000.00 $1,000 $1,000
$ 934.58
$ 873.44
PVADn=$2,808.02

PVADn = $1,000/(1.07)2 + $1,000/(1.07)1 +

$1,000/(1.07)0 = $2,808.02
39
 Valuation
Valuation Using
Using Table
Table IV
IV
PVADn = R (PVIFAi%,n)(1+i)
PVAD3 = $1,000 (PVIFA7%,3)(1.07)
= $1,000 (2.624)(1.07) = $2,808

Period 6% 7% 8%
1 0.943 0.935 0.926
2 1.833 1.808 1.783
3 2.673 2.624 2.577
4 3.465 3.387 3.312
5 4.212 4.100 3.993
40
 Mixed
Mixed Flows
Flows Example
Example
Julie Miller akan menerima serangkaian
cash flows berikut ini. Berapa Present
Value jika tingkat bunga 10% per tahun

0 1 2 3 4 5
10%
$600 $600 $400 $400 $100
PV0
41
 ““Piece-At-A-Time”
Piece-At-A-Time”

0 1 2 3 4 5
10%
$600 $600 $400 $400 $100
$545.45
$495.87
$300.53
$273.21
$ 62.09
$1677.15 = PV0 of the Mixed Flow
42
 ““Group-At-A-Time”
Group-At-A-Time” (#1)
(#1)
0 1 2 3 4 5
10%
$600 $600 $400 $400 $100
$1,041.60
$ 573.57
$ 62.10
$1,677.27 = PV0 of Mixed Flow [Using Tables]

$600(PVIFA10%,2) = $600(1.736) = $1,041.60

$400(PVIFA10%,2)(PVIF10%,2) = $400(1.736)(0.826) = $573.57
$100 (PVIF10%,5) = $100 (0.621) = $62.10
43
 ““Group-At-A-Time”
Group-At-A-Time” (#2)
(#2)
0 1 2 3 4

$400 $400 $400 $400

$1,268.00
0 1 2 PV0 equals
Plus
$200 $200 $1677.30.
$347.20
0 1 2 3 4 5
Plus
$100
$62.10
44
 Pemajemukan
Pemajemukan lebih
lebih dari
dari 11 kali
kali
setiap
setiap tahun
tahun

General Formula:
FVn = PV0(1 + [i/m])mn
n: Jumlah Tahun
m: Periode pemajemukan per tahun
i: Tingkat bunga tahunan.
FVn,m: FV pada akhir tahun ke n

45
PV0: PV dari arus kas hari ini (sekarang)
 Impact
Impact of
of Frequency
Frequency
Julie Miller mempunyai $1,000
diinvestasikan selama 2 tahun,
dengan tingkat bunga per tahun 12%.
Annual FV2 = 1,000(1+
1,000 [.12/1])(1)(2)
= 1,254.40
Semi FV2 = 1,000(1+
1,000 [.12/2])(2)(2)
= 1,262.48
46
 Impact
Impact of
of Frequency
Frequency
Qrtly FV2 = 1,000(1+
1,000 [.12/4])(4)(2)
= 1,266.77
Monthly FV2 = 1,000(1+
1,000 [.12/12])(12)(2)
= 1,269.73
Daily FV2 = 1,000(1+
1,000 [.12/365])(365)(2)
= 1,271.20

47
 Effective
Effective Annual
Annual
Interest
Interest Rate
Rate
Tingkat bunga tahunan efektif
Tingkat bunga aktual yang diterima
(dibayarkan) setelah menyesuaikan
tingkat bunga nominal untuk faktor-
faktor seperti jumlah periode per
tahun.

(1 + [ i / m ] )m - 1
48
 BWs
BWs Effective
Effective
Annual
Annual Interest
Interest Rate
Rate
Basket Wonders (BW) mempunyai
$1,000 CD di bank. Tingkat bunga
majemuk 6% per tahun yang
dibayarkan setiap 3 bulan sekali
selama setahun. Berapa tingkat bunga
tahunan efektif (Effective Annual
Interest Rate = EAR)?
EAR
EAR = ( 1 + 6% / 4 )4 - 1
= 1.0614 - 1 = .0614 or 6.14%!

49
 Contoh
Contoh Angsuran
Angsuran Pinjaman
Pinjaman
Julie Miller meminjam $10,000. Tingkat
bunga tahunan 12%. Pembayaran
Angsuran dilakukan setiap tahun selama 5
tahun.
Step 1: Payment
PV0 = R (PVIFA i%,n)
$10,000 = R (PVIFA 12%,5)
$10,000 = R (3.605)
R = $10,000 / 3.605 = $2,774
50
 Amortizing
Amortizing aa Loan
Loan Example
Example
End of Paym ent In te re s t P rin c ip a l E n d in g
Year B a la n ce
0 --- --- --- $ 1 0 ,0 0 0
1 $ 2 ,7 7 4 $ 1 ,2 0 0 $ 1 ,57 4 8 ,42 6
2 2 ,7 7 4 1 ,0 1 1 1 ,7 6 3 6 ,66 3
3 2 ,7 7 4 800 1 ,9 7 4 4 ,68 9
4 2 ,7 7 4 563 2 ,2 1 1 2 ,47 8
5 2 ,7 7 5 297 2 ,4 7 8 0
$ 1 3 ,8 7 1 $ 3 ,8 7 1 $ 1 0 ,0 0 0

[Last Payment Slightly Higher Due to Rounding]

51
 IRR
IRR Solution
Solution (Interpolate)
(Interpolate)
.10 $41,444
X $1,444
.05 IRR $40,000 $4,603
.15 $36,841

X $1,444
.05 = $4,603

52
 IRR
IRR Solution
Solution (Interpolate)
(Interpolate)
.10 $41,444
X $1,444
.05 IRR $40,000 $4,603
.15 $36,841

X $1,444
.05 = $4,603

53
 IRR
IRR Solution
Solution (Interpolate)
(Interpolate)
.10 $41,444
X $1,444
.05 IRR $40,000 $4,603
.15 $36,841

X = ($1,444)(0.05) X = .0157
$4,603
IRR = .10 + .0157 = .1157 or 11.57%
54