5/4/2012

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THI GIA TIEN TE THI GIA TIEN TE
I . LAI ( LI TC)
I I . GI ATRTNG LAI CUA TI EN TE
I I I . HI EN GI ACUA TI EN TE
I V. NG DUNG
I . LAI ( LI NHUAN) I . LAI ( LI NHUAN)
1.1. Lai ( Li tc - l i nhuan):
V du: Mot ngi bor a 100 n v ti en
von eki nh doanh, sau mot n v thi
gi an thu vetong soti en l a120.
Sochenh l ech 120 100 = 20 goi l al ai
(ti en l i l i nhuan l i tc)
Lai chxuat hien sau mot t hi gian au
t nhat nh. Noi cach khac, lai laket
quat ai chnh cuoi cung cua quatr nh
au t.
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1.2. Tysuat l i tc (Lai suat):
100% x
o gian thi tr ong goc Von
gian thi v n 1 tr ong Lai
suat Lai
Can c v du tren, ta co:
Lai suat = 20/100 = 20%
1.3. Lai n: lali tc chtnh tr en sovon
vay ban au tr ong suot thi han vay.
GHI CHU: Tr ong khai niem nay chco
von sinh li con lai khong sinh li.
1.4. Lai kep: Viec tnh lai bang cach lay lai
cua kytr c nhap vao von et nh lai
cho kysau olaphng phap tnh theo
lai kep. Sotien lai thu c t heo phng
phap nay goi lalai kep.
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I I . I I . GI ATRTNG LAI GI ATRTNG LAI
CUA TI EN TE CUA TI EN TE
A- Gi atr tng l ai cua 1 soti en:
VV
nn
== VV
00
((11 ++ ii))
nn
V du: Gi vao ngan hang sotien tiet
kiem 1.000 ong vi lai suat 6%/nam. Sau
2 nam r ut r a cavon lan lai la:
V
2
= 1.000 ong (1 + 6%)
2
= 1.000 ong x 1,1236 = 1.123,6 ong
BB.. Gia Giatr tr tng tng lai lai cua cua CTT CTT::
Giatr tng lai (giatr cuoi) cua 1 CTT la
tong sogiatr cua cac kykhoan c anh giavao
ngay thanh toan cua kykhoan cuoi cung.
S othanh toan theo thang thi gian nh sau:
a
1
a
2
a
3
a
n-1
a
n
0 1 23 n1 n
Giatr cuoi cua CTT cuoi kyc tnh nh sau:
FV FV == aa
11
((11+i) +i)
nn--11
++ aa
22
((11+i) +i)
nn--22
++ ... ... ++ aa
nn--11
((11+i) +i) ++ aa
nn
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Tong quat :
a
j
: giatr cua kykhoan thj
i : lai suat
n : solan thanh toan
Tr ng hp laCTT conh tc a
j
= a th :

+
n
1 j
j n
j
i) (1 a FV

i
1 i) (1
a FV
n
*
V du:
Anh Tu goi vao ngan hang Iion tuc trong 3 nam,
so tion goi moi nam Ian Iuot Ia 20 triou, 22
triou, 22 triou, 23 triou, 23 triou. Ngay sau
lan gi th 5, do can tion dot xuat, anh Tu
rut hot ra. Hoi tong so tion anh Tu rut ra Ia
bao nhiou: Biot rang, Iai suat tion goi Ia
8/nam.
Giai
Tong so ticn rut ra la gia tri cuoi cua so ticn goi.
FV = 2u(1+B%)
4
+ 22(1+B%)
3
+ 22(1+B%)
2
+ 25(1+B%) + 25 = 132,3842 triou
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V du : Cong ty X a r a chnh sach
ban hang tr agop nh sau: Ngay khi mua
hang khach hang tr a30% t ong sotien
thanh toan, socon lai tr adan eu nhau
tr ong 7 thang, moi thang tr a2.400.000.
Ong A muon mua sohang tr en nhng e
ngh c t hanh toan mot lan duy nhat
vao thi iem cuoi hp ong (cuoi thang
thbay). Hoi giathanh toan maong A e
nghlabao nhieu? Biet r ang lai suat hai
ben thoathuan la1%/ thang.
dong tr. 25,u31B50
1%
1 1%) (1
" 2,4 1%) 3u%(1 " 24 FV
7
7

+
+ +
0 1 2 3 4 5 6 7
7,2 2,4 2,4 2,4 2,4 2,4 2,4 2,4
FV FV
Goi x latong sotien thanh toan,
ta co: 70%x = 2.400.000* 7 => x = 24.000.000
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I I I . HI EN GI ACUA TT: I I I . HI EN GI ACUA TT:
A. Hien giacua 1 sotien:
Giatr hien tai cua tien tegoi tat lahien gia
(con goi lagiatr goc) lagiatr cua mot sotien
thu c tr ong tng lai c qui vethi iem
hien tai (thi iem goc). Cach tnh hien giala
phep tnh ngc cua lai cua cach tnh lai kep.
Vo = Vn(1+i) Vo = Vn(1+i)
--nn
V du: Tnh giatr hien tai cua sotien 1.123,6 ong
thu c cuoi nam th2 neu lai suat la6%/ nam .
Vo = Vn(1+i) Vo = Vn(1+i)
--nn
= 1.123,6(1+6%) = 1.123,6(1+6%)
--22
=1.000 =1.000
B -Hi en gi acua chuoi ti en te
1. Chuoi tien tebat ong:
( ) ( )
j
n
1 j
j n
n
2
2 1
i) (1 a
i 1
a
...
i 1
a
i 1
a
PV

+
+
+ +
+
+
+

0 1 2 3 n-1 n
a
1
a
2
a
3
a
n-1
a
n
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2. Tr ong tr ng hp CTT conh (ong eu)
tc a
j
= a th :
i
i) (1 1
a PV
n
*

i
a
PV
Tr ng hp ac bi et, neu laCTT conh vnh vi en th:
V du. Cong ty X muon mua mot ho thong thiot bi toan bo cua
Nhat. Cong ty da nhan duoc cac don chao hang nhu sau.
DCH1. Chao hang gia CII cang Sai Con, tong so tion thanh
toan Ia 100.000 USD. Jhuong thuc thanh toan Ia mot nam
sau khi giao hang thanh toan 20, hai nam sau ngay giao
hang tra 30, ba nam sau ngay giao hang tra 30.
DCH2. chao hang gia CII cang Sai Con 100.000 USD.
Thanh toan trong 4 nam moi nam thanh toan 23, Ian
thanh toan dau tion Ia mot nam sau khi giao hang.
DCH3. chao hang gia CII cang Sai Con 100.000 USD.
Thanh toan dou trong 3 Ian, moi nam thanh toan 20, Ian
thanh toan dau tion Ia ngay khi giao hang.
DCH4. chao hang gia CII cang Sai Con 87.000 USD. Thanh
toan ngay khi giao hang.
Hay giup cong ty Iua chon don chao hang nao co Ioi nhat: Biot
rang Iai suat ngan hang Ia 13 va ho thong thiot bi cua bon
nha cung cap hoan toan giong nhau.
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GI AI
Moi n chao hang 1,2,3 l amot chuoi ti en te. Muon
so sanh phai a vegi atrangay (hi en gi a).
75.846,02 1,13 * 50.000 1,13 * 30.000 1,13 * 20.000 PV1
3 2 1
+ +

74.361,78
13%
13%) (1 1
* 25.000 PV2
4

79.489,4
13%
13%) (1 1
* 20.000 20.000 PV3
4

+
+

PV4 = 87.000
Vay nen chon mua hang cua n chao hang 2
lacoli nhat.
I V. NG DUNG
Bai 1. Cong ty X vay ngan hang so ticn 5uu
tricu dong, lai suat 12%/nam. Thco hop
dong cong ty phai tra dan dcu moi na m
la 0u tricu dong, lan tra dau ticn la 1
nam sau ngay vay. Hoi cong ty X phai
tra trong hao nhicu nam moi hct no
(ncu so lan tra khong chan th qui tro n
thco nguycn tac so nguycn gan nhat):
Trong truong hop qui tron hay tnh lai
ky khoan thanh toan lan cuoi cung:
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Ap dung cong thc
i) log(1
i * PV a
a
log
n
i
i) (1 1
a PV
n
+

,
_

>

9,69
12%) log(1
500x12% 90
90
log
n
+

,
_

Vay n = 10
10
10
9
12%) (1 a
12%
12%) (1 1
90x 500 PV

+ +
+

63,3579 12%) (1
12%
12%) (1 1
90 500 a
10
9
10
+

,
_

+
>

Bai 2. Mot doanh nghicp dc ra chnh sach han

chiu san pham A nhu sau . ngay khi nhan hang
khach hang phai tra ngay 3u% tong so ticn
thanh toan (gia han chiu ) , so ticn con lai sc tra
dan 12 lan dcu nhau trong 12 thang kc ticp.
Ncu lai suat chict khau ngan hang la
1,5%/thang va hang A co gia han tra ngay la
2u.uuu.uuu dong, hay tnh gia han chiu hang A
la hao nhicu :
Bai 3. Anh Ba B co gang dc danh ticn tict kicm
voi mong muon dung 3 nam sau sc co duoc
2B0.41u.uuu dong dc mua mot can nha nho.
Ncu anh Ba B goi tict kicm co ky han 3 thang
voi lai suat 2%/thang th hnh quan moi quy anh
Ba B phai goi vao tict kicm so ticn la hao nhicu
: Bict rang ngay khi goi anh ha B da co ticn
trcn ngan hang la 52.uuu.uuu dong.