Solution Manual for Fundamentals of Financial Accounting 6th Edition by Phillips
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- Published date: January 1, 2021
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Solution Manual for Fundamentals of Financial Accounting 6th Edition by Phillips
Appendix C
Present and Future Value Concepts
ANSWERS TO QUESTIONS
- The time value of money is the idea that a dollar received today is worth more than a dollar to be received at any later date because it can be invested today to earn interest over time.
- Future value—The future value of a number of dollars is the amount that it will increase to in the future at i interest rate for n periods. The future value is the principal plus accumulated interest compounded each period.
Present value—The present value of a number of dollars, to be received at some specified date in the future, is that amount discounted to the present at i interest rate for n periods. It is the inverse of future value. In compound discounting, the interest is subtracted rather than added as in compounding.
- $10,000 x 2.59374 = $25,937 (rounded to the nearest dollar).
- $8,000 x .38554 = $3,084 (rounded to the nearest dollar).
- An annuity is a term that refers to equal periodic cash payments or receipts of an equal amount each period for two or more periods. In contrast to a future value of $1, or a present value of $1 (which involves a single contribution or amount), an annuity involves a series of equal contributions for a series of equal periods. An annuity may refer to a future value or a present value.
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