MN2106

Manajemen Keuangan

Time Value of Money

Contents
 Time Lines
 Future Values
 Present Value
 Annuities
 Future Value of an Ordinary Annuity
 Future Value of an Annuity Due
 Present Value of an Ordinary Annuity
 Amortized Loans
Objectives
• Explain how the time value of money works and discuss why it is such an
important concept in finance.
• Calculate the present value and future value of lump sums.
• Identify the different types of annuities and calculate the present value
and future value of both an ordinary annuity and an annuity due.
• Calculate the present value and future value of an uneven cash flow
stream. You will use this knowledge in later chapters that show how to
value common stocks and corporate projects.
• Explain the difference between nominal, periodic, and effective interest
rates.
• Discuss the basics of loan amortization.
Time Lines
Time Lines
1. The first step in time value analysis is to set up a time line, which will help you
visualize what’s happening in a particular problem.
• As an illustration, consider the following diagram, where PV represents
$100 that is on hand today and FV is the value that will be in the account on
a future date:

• The intervals from 0 to 1, 1 to 2, and 2 to 3 are time periods such as years or

months. Time 0 is today, and it is the beginning of Period 1; Time 1 is one
period from today, and it is both the end of Period 1 and the beginning of
Period 2; and so forth.
Future Values and
Present Value
Future Values and Present Value
• Future Value (FV) is The amount to which a cash flow or series of cash flows
will grow over a given period of time when compounded at a given interest rate.
• A dollar in hand today is worth more than a dollar to be received in the
future because if you had it now, you could invest it, earn interest, and end
up with more than a dollar in the future.
• Formula Approach
𝐅𝐕 𝐍=𝐏𝐕 (𝟏+𝐈)  𝐍

• = Future value, or ending amount

• = Present value, or beginning amount
• I = Interest rate earned per year
• N = Number of periods involved in the analysis
Future Values and Present Value
Contoh : Hitung uang Rp 1.000.000 dengan tingkat bunga sebesar 6 % selama 5
tahun atas dasar :
a. Bunga tunggal
b. Bunga Majemuk
Bunga Tunggal
FV = 1.000.000 + (1.000.000 x 0,06 x 5) = 1.300.000
Bunga Majemuk
FV = 1.000.000 (1,06)^5 = 1.338.225,58
Frekuensi Permajemukan
n.m
 i 
FV = PV  1  
 m

m = Frekuensi Permajemukan
Future Values and Present Value
Contoh : Hitung uang Rp 1.000.000 dengan tingkat bunga sebesar 6 % selama 5 tahun dengan
frekuensi permajemukan:
a. 2 kali setahun (Per semester) FV = 1.343.916,37
b. 4 kali dalam setahun (Triwulan) FV = 1.346.855,01
c. 12 Kali dalam setahun FV = 1.348.850,15
d. Setiap hari
Frekuensi Permajemukan
n.m
 i 
FV = PV 1  
 m
m = Frekuensi Permajemukan
Frekuensi permajemukan terus menerus
FV = PV (e I . n)
e = 2,718281
Future Values and Present Value
Contoh : Hitung uang Rp 1.000.000 dengan tingkat bunga sebesar 6 % selama 5 tahun dengan
frekuensi permajemukan:

a. Setiap hari (Terus menerus)

Frekuensi permajemukan terus menerus
FV = PV (e I . n)
e = 2,718281
FV = 1.000.000 (2,718281^0,06^5) = 1.349.858,68
Future Values and Present Value
• Present Value (PV) is The value today of a future cash flow or series of cash
flows
• Formula Approach
•

• = Present value, or beginning amount

• = Future value, or ending amount
• I = Interest rate earned per year
• N = Number of periods involved in the analysis
Future Values and Present Value
Contoh : Hitung PV dari uang yang akan diterima 5 tahun yang akan datang sejumlah Rp 1.000.000
dengan tingkat bunga sebesar 5 %.
PV = 1.000.000 [1/(1,05)^5] = 783.526,17
Annuities
Annuities
• A series of equal payments at fixed intervals for a specified number of
periods.
• If the payments occur at the end of each year, the annuity is an
ordinary (or deferred) annuity.

• If the payments are made at the beginning of each year, the annuity
is an annuity due
Future Value of an Ordinary Annuity
 Formula Approach
 = PMT.

 = Future value annuity, or ending amount

 = Payment
 I = Interest rate earned per year
 N = Number of periods involved in the analysis
Future Value of an Annuity Due
• Because each payment occurs one period earlier with an annuity due, all
of the payments earn interest for one additional period
• Formula Approach
• FVAn (due) = PMT. ((1+I)

• (due) = Future value annuity, or ending amount

• = Payment
• I = Interest rate earned per year
• N = Number of periods involved in the analysis
Annuities
Akhir Tahun
 (1  i ) n  1 
FV = M 
i

 

Awal Tahun
 (1  i ) n  1  (1  i ) 
FV = M  
 i 
Example
Tuan A menginvestasikan uang sejumlah Rp 50.000.000,-
setiap tahun untuk jangka waktu 10 tahun dan tingkat
bunga yang berlaku 8 % per tahun.

Diminta : Hitunglah uang Tuan A pada akhir tahun ke 10,

bila;
a. Tuan A melakukan pembayaran setiap akhir tahun
b. Tuan A melakukan pembayaran setiap awal tahun.
Present Value of an Ordinary Annuity
• Formula Approach

• = Present value annuity, or ending amount

• = Payment
• I = Interest rate earned per year
• N = Number of periods involved in the analysis
Perpetuitas
Sebagian besar anuitas mensyaratkan pembayaran dilakukan
selama periode tertentu. Misalnya : $ 100 per tahun selama 3
tahun.
Namun, beberapa anuitas bisa saja tanpa batas, atau secara
perpetual, dan anuitas ini disebut sebagai perpetuitas
(perpetuites).
Perpetuitas adalah serangkaian pembayaran dalam jumlah
sama yang diharapkan berlanjut selamanya.
Penentuan Tingkat Bunga
Sampai saat ini kita mengasumsikan bahwa tingkat bunga
diketahui. Dalam prakteknya tidak jarang keuangan dihadapkan
untuk menentukan apakah tingkat keuntungan yang dihasilkan
cukup rasional atau tidak. Dengan demikian Manajer Keuangan
harus mencari berapa tingkat keuntungan minimal yang
menyamakan nilai sekarang aliran kas keluar dengan nilai
sekarang kas masuk yang diharapkan akan diperoleh di masa
datang dan disebut juga dengan IRR (Internal Rate of Return).
Contoh : Investasi = 10.000, Arus Kas Rp 3.000,- per tahun selama
5 tahun. Berapa tingkat bunga ?
Amortized Loans
Amortized Loans
• A loan that is repaid in equal payments over its life
• A loan that is to be repaid in equal amounts on a monthly, quarterly,
or annual basis is called an amortized loan
• An important application of compound interest involves loans that
are paid off in installments over time.
• Included are automobile loans, home mortgage loans, student
loans, and many business loans
• First task is to determine the payment must make each year
Amortized Loans
• A loan that is repaid in equal payments over its life
• Each payment will consist of two parts—interest and repayment of
principal. This breakdown is shown on an amortization schedule
• A table showing precisely how a loan will be repaid. It gives the
required payment on each payment date and a breakdown of the
payment, showing how much is interest and how much is
repayment of principal.
Amortized Loans
Pinjaman
• A=  1 
1  (1  i ) n 
 
 i 

 


• Contoh : Seandainya Saudara meminjam sebesar Rp

50 juta di bank dengan tingkat bunga 7 % per tahun.
Pinjaman tersebut harus dilunasi dalam jangka waktu 5
tahun dengan pembayaran yang sama setiap tahun

dan buat skedul pembayaran pinjaman .

 Schedule Pembayaran Pinjaman
Tahun Saldo Akhir Angsuran Bunga Pembayaran
Pinjaman Tahunan Pokok
Pinjaman
Question and Answer