Manajemen Keuangan
PRA EE3
Corporate Culture Academy
Capital Budgeting
Corporate Culture Academy
Now Future
Rp. 1.000.000 ?
Is it same or not?
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Corporate Culture Academy
NO for getting
INTEREST
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Corporate Culture Academy
Simple Interest
2013 2014
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Corporate Culture Academy
Compound Interest
2013 2019
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Corporate Culture Academy
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Corporate Culture Academy
Adalah nilai dari uang saat ini dari cash flow tertentu
Present
di masa yang akan datang, yang dihitung (discounted)
Value (PV) dengan menggunakan tingkat bunga tertentu
Simbol Keterangan
FV = PV (1 +r)t FV = Nilai uang di masa yang akan datang
PV = Nilai uang saat ini
r = Tingkat bunga per periode
PV = FV / (1 + r)t
t = Periode ke
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Corporate Culture Academy
FV = 1.000.000 (1 + 10%)5
FV = PV (1 + r)t
FV = 1.610.510
PV = 1.000.000 / (1 + 10%)10
PV = FV / (1 + r)t
PV = 385.543,33
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Corporate Culture Academy
PV = C [(1/r) – (1/(r(1+r)t)]
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Corporate Culture Academy
C
PVA =
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Corporate Culture Academy
Capital Budgeting
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Corporate Culture Academy
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• Io------------------1--------------------2-------------------3-----------------N
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2010
2011 20.000
2012 25.000
Proyek DITERIMA
2013 30.000 jika IRR > Expected Return
2014 30.000
2015 30.000
2016 (40.000)
2017 15.000 • IRR Proyek Included Debt,
2018 20.000 Interest, Repayment
2019 15.000
2020 50.000 • IRR Equity Net of Debt, Interest
IRR 14,89% and Repayment
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Corporate Culture Academy
TERIMA KASIH