Cfa Level 1

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QUANTITATIVE METHODS

QUANTITATIVE METHODS
The Future Value of a Single Cash Flow

FVN = PV (1+ r)N
The Present Value of a Single Cash Flow PV = FV (1+ r)N PVAnnuity Due = PVOrdinary Annuity  (1 + r) FVAnnuity Due = FVOrdinary Annuity  (1 + r) Present Value of a Perpetuity PMT PV(perpetuity) = I/Y Continuous Compounding and Future Values

FVN = PVe rs * N
Effective Annual Rates EAR = (1 + Periodic interest rate)N- 1 Net Present Value NPV = CFt t (1 + r) t=0 N

where CFt = the expected net cash flow at time t N = the investment’s projected life r = the discount rate or appropriate cost of capital Bank Discount Yield D 360 rBD = F  t where: rBD = the annualized yield on a bank discount basis. D = the dollar discount (face value – purchase price) F = the face value of the bill t = number of days remaining until maturity Holding Period Yield HPY = P1 - P0 + D1 = P1 + D1 - 1 P0 P0 where: P0 = initial price of the investment. P1 = price received from the instrument at maturity/sale. D1 = interest or dividend received from the investment.

© 2011 ELAN GUIDES

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QUANTITATIVE METHODS

Effective Annual Yield EAY= (1 + HPY)365/t - 1 where: HPY = holding period yield t = numbers of days remaining till...
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