Lecture#3 Ekuivalensi

Teknik Industri
RI – 1352
MENGHITUNG
EKUIVALENSI EKONOMI
Lecture Notes #3
RI-1504 Ekonomi Teknik/sew/2007/#3 1

Teknik Industri
Ekuivalensi
 Dua hal dikatakan ekuivalen apabila memiliki

pengaruh yang sama
 Ekuivalensi dihitung dengan menggunakan rumus
bunga
 Ekuivalensi digunakan untuk menghitung cashflow
yang terjadi pada titik waktu yang berbeda
 Ekuivalensi ekonomi adalah suatu konsep utama untuk
membandingkan alternatif

Teknik Industri
Elemen Ekuivalensi
1. Jumlah
2. Waktu terjadinya penjumlahan
3. Tingkat suku bunga

Teknik Industri
Contoh
Seorang engineer menjual patennya ke sebuah

perusahaan dan engineer tersebut ditawari
pilihan antara menerima $12.500 sekarang atau
$2,000 per tahun selama 10 tahun sesuai
dengan umur pemanfaatan dari paten tersebut.
Engineer tersebut menggunakan bunga 12%
sebagai perbandingan yang merupakan bunga
cicilan rumahnya

Teknik Industri
Contoh
Receipts, Receipts,
End of Year Alternative A Alternative B
0 12,500 0
1 0 2,000
2 0 2,000
3 0 2,000
4 0 2,000
5 0 2,000
6 0 2,000
7 0 2,000
8 0 2,000
9 0 2,000
10 0 2,000
Total Receipts 12,500 20,000
Untuk membandingkan kedua alternatif di atas, maka harus

ditentukan nilai ekuivalen untuk alternatif B yaitu jumlah pada
present time (titik 0) (P/A,12,10)
P = 2,000 ( 5.6502 ) = 11,300
Teknik Industri
Menghitung Ekuivalensi
Berapakan nilai pada 1 April 2010 yang ekuivalen
dengan jumlah pokok $2,000 pada 1 April 2002 jika
digunakan tingkat suku bunga 9% yang dimajemukkan
secara tahunan.
n = 2010 – 2002 = 8
• Compounded annually
F/P,i,n
F=P( ) = $2,000 (1,993) = $3.986
• Compounded continuously
F/P,r,n
F=P( ) = $2,000 (2,054) = $4,108
Teknik Industri
Table A.13.
9% Interest Factors for Discrete Compounding
Compound-amount Present-worth …
factor factor
n To find F Given P To find P Given P …
F/P,i,n P/F,i,n
1
2
.
.
.
8 1.993 0,5019

Teknik Industri
Bila P = $300, F = $525, dan n = 9, maka tentukan i nya
F/P,i,9
F=P( )
F/P,i,9 525
( 1.750 ) =
300
F/P,6,9 F/P,7,9
Dalam tabel bunga terletak di antara nilai ( 1.689 ) dan ( 1,838 )
Dengan menggunakan interpolasi diperoleh :

1.689  1.750
i  6  (1)  6.41%
1.689  1.838

Teknik Industri
Interpolasi
1.838
1.689  1.750 6  x

1.689  1.838 6  7
1.750
x  6.41
1.689
6 x=6+Δ 7

Teknik Industri
Ekstrapolasi
1.838
1.689
x
5,2 6 7
1,838  1,689 76

1,838  x 7  5,2
x  1,569

Teknik Industri
Perhitungan Ekuivalensi Cashflow
When interest is earned, monetary amounts can be

directly added only if they occur
at the same point in time
Contoh:
Berapakah jumlah present yang ekuivalen dengan cashflow
pada tingkat bunga 12%: $300 akhir tahun ke-6; $60 pada tahun
ke-9 sampai dengan 12; $210 pada akhir tahun ke-13; $80 pada
akhir tahun ke-15 sampai dengan 17

Teknik Industri
Perhitungan Ekuivalensi Cashflow
$300
$210
P1 = $151,98 $269.92
$182.24
P2=$73.61 $60 $60 $60 $60 $80 $80 $80
P3 = $48.13
P4 = $39.33
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
P/F,12,6 P/A,12,4 P/F,12,8 P/F,12,13
P = [$300(0.5066)] +[{$60 (3.0374)}(0.4039)] +[$210 (0,2292)]+
F/A,12,3 P/F,12,17
[{$80 (3.374)} (0.1457)]
= $313.05

Teknik Industri
Prinsip-prinsip Ekuivalensi
 Equivalent cash flows are those that have the same
value and the calculated expression of equivalence
can be used as a basis for choice
 Equivalence can be established at any point in time,
since it is know that for one cash flow to be
equivalent to another, their equivalent values must
be equal at any point in time
 Two or more distinct cash flows are equivalent if
they are equivalent to the same cash flow

Teknik Industri
$300
0 1 2 3 4 5 6 7
F/P,15,7
$300 (1+0.15) = $300 ( 2.660 ) = $798
7
$798
0 1 2 3 4 5 6 7

Teknik Industri
 As cash flows are converted to their equivalences

from one time period to the next, the interest rate
associated with each time period must be reflected in
the calculation
 A general principle of equivalence states that the
actual interest rate earned on an investment is the
one that sets the equivalent receipts equal to the
equivalent disbursements

Teknik Industri
$273.55
$255.65
$201.81 $200
$177.70
$100 $100 $100
0
r1=12% 1 2 r2=7% 3 4 r3=10% 5
compounded compounded compounded
quarterly annually annually
P = $380
P/F,3,4 P/A,10,2 P/F,7,1 P/F,3,8
P = [$200(0.8885)] +[{$100(1.7355)+100}(0.9346) (0.7894)]
= $380
Teknik Industri
Equivalence Calculations
with More Frequent Compounding
 The compounding periods and the occurrence

of payments coincide
 The compounding periods occur more
frequently than the receipt of payments
 The compounding periods occur less
frequently than the receipt of payments

Teknik Industri
The Compounding Periods and

The Occurrence of Payments Coincide
Suppose that a person borrows $2,000 and is to
repay this amount in 24 equal monthly
installments of $99.80 over the next 2 years.
Interest is compounded monthly on the unpaid
balance of the loan. What are the effective
interest rate per month and the nominal interest
rate being paid for this loan? What is the
effective annual rate of interest on the loan?

Teknik Industri
The Compounding Periods and

The Occurrence of Payments Coincide
A/P,i,24
$99.80 = $2,000( )
A/P,i,24
( ) = 0.0499  i = 1.5% (effective monthly interest rate)
The nominal rate of interest is : 1.5% per month x 12 month
= 18% per year compounded annually
The effective annual interest rate with l=1 is
m 12
 r  0.18 
ia  1    1  1    1  19,56% per year
 m  12 

Teknik Industri
Compounding More Frequent

Than Payments
Suppose a deposit of $1,000 is placed in a bank account

at the end of each year for the next 3 years. The bank
pays interest at the rate of 6% compounded quarterly.
How much will be accumulated in this account at the end
of 3 years?
6%
i= = 1.5% per quarter
4 quarters
The amount accumulated in the account is
F/P,1.5,8 F/P,1.5,4
F = $100( 1.127 )+$100( 1.061 )+$100 = $318.80
Teknik Industri
Compounding More Frequent

Than Payments
A second method is to find the effective interest rate for the

payment period and then make all calculations on the basis of that
period.
The effective annual interest rate with l=1 is
4
 0.06 
ia  1    1  6.14%
 4 
The solutions is
F/P,6.14,3
F = $100 ( 3.188 ) = $318.80

Teknik Industri
Compounding Less Frequent

Than Payments
Consider the cash flow diagrams

$250
$100 $100 $100
Withdrawals
0 4 5 6 7 9 10 11 12
Months
1 2 3 8
$100 $100 $100 $100 Deposits
$400 $300 $250

Withdrawals
0 2 4
Quarters
1 3
$100 Deposits
$300
$400

Teknik Industri
Involving Bond
 A bond is a financial instrument setting forth the
conditions under which money is borrowed
 It consists of a pledge by a borrower of fund to pay a
stated amount or percent of interest on the par or
face value at stated intervals and to repay the par
value at a stated time
 Bonds are bought and sold. The market price of a
bond may range above or below its par or face value,
depending upon prevailing and anticipated market
conditions
Teknik Industri

Teknik Industri
Equivalence Calculations Involving Bond
 The yield to maturity is defined as the rate of return

experienced from the bond investment from the current
date until the bond mature
 Current yield of a bond is the interest earned each year
as a percentage of the current price, often called the
coupon rate
 Bond prices change over time, because they are
influenced by the risk of non-payment of interest or par
value, supply and demand, and the future outlook
regarding inflation. These factors act with the current
yield to maturity to establish the price at which a bond
will change hands
Teknik Industri

Suppose that an individual can purchase (for $900) a
$1,000 municipal bond that pays 6% tax-free interest
semiannually. If the bond will mature to its face value in
7 years, what will the equivalent rate of interest be?
The cash flow diagram for this situation
$1,030
$1,000 face value
$30
0
1 2 3 4 5 6 7
$900

Teknik Industri

The yield to maturity :
P/A,i,14 P/F,i,14
$900 = $30( )+$1,000( )
solution for i must be by trial and error.
The nominal annual interest rate (r) is 3.94% semiannual period or
7.88% per year
The effective annual interest rate or yield to maturity for this bond is
2
 0.00788 
ia  1    1  8.04%
 2 
Yield to maturity = 7.88%, Coupon rate = $60 : $900 = 6.67%
If a bond is purchased at its face value, then its current yield and
its yield to maturity equal the coupon rate

Teknik Industri
An investor considering purchase of a bond may

require a certain minimum interest return. For
example, if a nominal rate of 10% compounded
semiannually is required on the municipal bond,
what is the maximum amount that can be paid
now for it?
P/A,5,14 P/F,5,14
P = $30 (9.8987) + $1,000 (0.5051) = $802.06

Teknik Industri
Equivalence Calculations Involving Loans

 A loan is an agreement between a borrower and a
lender stipulating the amount of money to be
provided, the manner by which the money is to
be repaid, the collateral to be used, and other
pertinent information
 “add-on” loan is principal plus total interest
amount in equal monthly payments
 The effective interest rate that sets the receipts
equal to the disbursements on a equivalent basis
is the rate that properly reflects the true interest
cost of the loan

Teknik Industri
Equivalence Calculations Involving Loans
An individual wishes to purchase a home appliance for

$300. The salesperson indicates that the interest rate will
be 20% add-on, and the payments can be made over one
year.
Total amount owed is $300 + 0.2($300) = $360. With payment
over 12 months, the monthly payment will be $360/12 = $30
The actual or effective interest rate for this loan
P/A,i,12
$300 = $30 (10.000)  i= 2.9% per month compounded monthly
r = 2.9% (12) = 34.8% per year
ia = (1+(0.348/12))12 – 1 = 40.9% per year

Teknik Industri
Remaining Balance of a Loan

Known by various names such as the amount owed, the
unrecovered balance, the unpaid balance, and the
principal owed.
Suppose that $10,000 is borrowed with the
understanding that it will be repaid in equal quarterly
payments over five years at an interest rate of 16% per
year compounded quarterly. The quarterly payments
will be:
A/P,4,20
A = $10,000 (0.0736) = $736

Teknik Industri
Remaining Balance of a Loan

Immediately after the 13th payment is made, the
borrower wishes to pay off the remaining balance, U13.
The remaining balance at the beginning of the 14th
period is found by calculating the equivalent of the
original amount loaned at this point in time, less the
equivalent amount repaid, as
F/P,4,13 F/A,4,13
U13 = $10,000 (1.665) - $736 (16.627) = $4,413
It is same with 7 payments remaining
P/A,4,7
U13 = $736 (6.0021) = $4,418
Teknik Industri
Principal and Interest Payments
 The repayment schedule consists of a portion

for the payment of principal and a portion for
the payment of interest on the unpaid balance.
 A loan payment received at the end of an
interest period must first be applied to the
interest charge then the remaining amount
utilized to reduce the outstanding balance of
the loan.

Teknik Industri

It = portion of payment A at time t that is interest
Bt = portion of payment A at time t that is used to reduce the
remaining balance
A = It + Bt, where t = 1,2,…,n
P
1 2 3 n–1 n
...
0 B1 B2 B3 Bn–1 Bn
I1 I2 I3 In–1 In
A A A A A
Teknik Industri

For the fixed-rate, fixed-payment loan considered here
It is calculated as follows:
P/A,i,n–(t–1) P/A,i,n–t+1
It = A ( ) (i) = A ( )(i)
P/A,i,n–(t–1)
where A( ) is the balance remaining at the end
of period t–1. Also,
P/A,i,n–t+1
Bt = A – It = A – A ( )(i)
= A 1– ([ P/A,i,n–t+1
)(i) ]
Teknik Industri

P/F,i,n P/A,i,n
Because ( )=1–( ) (i), then
P/F,i,n–t+1
Bt = A ( )
Example
Let P = $1,000 n = 4, and i = 15%
The annual loan payment is
A/P,15,4
A = $1,000 (0.3503) = $350.30

Teknik Industri

End of Loan Interest
Payment on Principal
Year t Payment Payment
P/F,15,4
1 $350.30 $350.30 (0.5718) = $200.30 $150.00
P/F,15,3
2 $350.30 $350.30 (0.6575) = $230.32 $119.98
P/F,15,2
3 $350.30 $350.30 (0.7562) = $264.90 $85.40
P/F,15,1
4 $350.30 $350.30 (0.8696) = $304.62 $45.68
Totals $1,401.20 $1,000.14 $401.06

Teknik Industri
Involving Working Capital
 Investments frequently necessary to have additional
fund to finance any cash need, accounts receivables,
or inventories that arise from the project.
 Additional investment in working capital must not
be ignored
 Net working capital is a firm’s short-term or current
assets less its current liabilities (accountant)
 Short-term assets: cash, customers’ unpaid bills,
inventories of raw materials, work-in-process, and
finished goods

Teknik Industri
Suppose a $100,000 investment in a 5-year project requires
an additional $5,000 cash to cover maintenance and labor
cost which may or may not materialize. With accounts
receivable expected to average $8,000 over the life ot the
project and inventories valued at $7,000 to be carried
throughout the project’s life, a total $20,000 in additional
investment is required. Since it is expected that all of the
investment in working capital will be recovered at the end of
the project, a cash flow disbursement of $20,000 is shown at
t=0 along with the receipt of $20,000 at t=5. All the other
income and expenses are expected to provide a net income
of $35,000 per year and the interest rate is 20%

Teknik Industri
The annual cost that is equivalent to this cash flow is
A/P,20,5 A/F,20,5
A = –$120,000 (0.3344) + $35,000 + $20,000 (0.1344) = –$2,440/year
If the effects of working capital included, this project is

economically undesirable
If the cost of the working capital requirements had been
omitted, the annual cost is
A/P,20,5
A = –$100,000 (0.3344) + $35,000 = $1,560/year
This value indicating that the project is economically viable

Teknik Industri
 The consideration of working capital requirements
can have a significant impact in properly assessing a
project’s worth
 Proper identification of the cash flow associated with
these situations will assure the accurate assessment
of the working capital costs

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RI-1504 Ekonomi Teknik/sew/2007/#3 1

 Dua hal dikatakan ekuivalen apabila memiliki

RI-1504 Ekonomi Teknik/sew/2007/#3 2

RI-1504 Ekonomi Teknik/sew/2007/#3 3

Seorang engineer menjual patennya ke sebuah

RI-1504 Ekonomi Teknik/sew/2007/#3 4

Untuk membandingkan kedua alternatif di atas, maka harus

RI-1504 Ekonomi Teknik/sew/2007/#3 7

Dengan menggunakan interpolasi diperoleh :

RI-1504 Ekonomi Teknik/sew/2007/#3 8

RI-1504 Ekonomi Teknik/sew/2007/#3 9

RI-1504 Ekonomi Teknik/sew/2007/#3 10

Perhitungan Ekuivalensi Cashflow

When interest is earned, monetary amounts can be

RI-1504 Ekonomi Teknik/sew/2007/#3 11

Perhitungan Ekuivalensi Cashflow

RI-1504 Ekonomi Teknik/sew/2007/#3 12

RI-1504 Ekonomi Teknik/sew/2007/#3 13

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 As cash flows are converted to their equivalences

RI-1504 Ekonomi Teknik/sew/2007/#3 15

 The compounding periods and the occurrence

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The Compounding Periods and

RI-1504 Ekonomi Teknik/sew/2007/#3 18

The Compounding Periods and

RI-1504 Ekonomi Teknik/sew/2007/#3 19

Compounding More Frequent

Suppose a deposit of $1,000 is placed in a bank account

Compounding More Frequent

A second method is to find the effective interest rate for the

RI-1504 Ekonomi Teknik/sew/2007/#3 21

Compounding Less Frequent

Consider the cash flow diagrams

$400 $300 $250

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Equivalence Calculations Involving Bond

 The yield to maturity is defined as the rate of return

Equivalence Calculations Involving Bond

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Equivalence Calculations Involving Bond

RI-1504 Ekonomi Teknik/sew/2007/#3 27

Equivalence Calculations Involving Bond

An investor considering purchase of a bond may

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Equivalence Calculations Involving Loans

RI-1504 Ekonomi Teknik/sew/2007/#3 29

Equivalence Calculations Involving Loans

An individual wishes to purchase a home appliance for

RI-1504 Ekonomi Teknik/sew/2007/#3 30

Remaining Balance of a Loan

RI-1504 Ekonomi Teknik/sew/2007/#3 31

Remaining Balance of a Loan

Principal and Interest Payments

 The repayment schedule consists of a portion

RI-1504 Ekonomi Teknik/sew/2007/#3 33

Principal and Interest Payments

Principal and Interest Payments

Principal and Interest Payments

RI-1504 Ekonomi Teknik/sew/2007/#3 36

Principal and Interest Payments