THI GI TIN T

NH GI TRI PHIU
1
I.Thi gi tin t
II. nh gi tri phiu
III. Gi tr hin ti rng v quy tc 72
2
Mt ng hm nay c gi tr hn mt ng trong tng
lai Quan im v thi gi tin t:
ng tin sinh li theo thi gian. Mt khon u t c
th tng sau mt thi gian do c hng li sut.
L thuyt ti chnh gi nh rng mi khon tin nhn ri
lun lun c quay vng sinh li tt c cc
khon li sut nhn c cng c ti u t ngay.
3
PV: gi tr vn gc hay hin gi (present value)
r : li sut tnh theo nm c gi l li sut chit
khu hoc li sut th trng
n :l s nm
FV: l tng s tin do PV sinh ra theo li sut r
trong khong thi gian n nm

4
Li n (simple interest):
FV = PV (1+r.n)
Li kp (compound interest):
FV = PV (1+r)
n

Li kp c a/d khi gi nh rng tin li c tip tc c
ti u t:
PV PV (1+r) PV(1+r)
2
PV(1+r)
3
. PV (1+r)
n
5
Li tr theo thng:


Li tr theo ngy:





6
n
r PV FV

+ =
12
) 12 / 1 (
n
r PV FV

+ =
365
) 365 / 1 (
Li tr theo m k trong 1 nm:


Li tnh lin tc: m l v cng

7
n m
m r PV FV

+ = ) / 1 (
nr
e PV FV =
VD1: Gi tit kim 100 triu ng vi li sut 20%
nm, li tr nh k nm, sau 3 nm s tin nhn
c l bao nhiu?
Tnh li n: 100 x (1+ 0,2 x 3) = 160 triu ng
Tnh li kp: : 100 x (1+0,2)
3
= 172,8 triu ng

8
VD2: Gi khon tin tit kim 100 triu ng, vi
li sut 20% nm, li tr 6 thng 1 ln, sau 3 nm
s tin nhn c l bao nhiu?
Tnh li n: : 100 x (1 +0,1 x 6) = 160 triu ng
Tnh li kp: : 100 x (1 + 0,1)
6
= 177,16 triu ng

9
Bit FV, r, n, c th tnh c gi tr hin ti ca 1
khon tin trong tng lai:

Nu 1 nm tr li m ln :

10
n
r
FV
PV
) 1 ( +
=
mn
m r
FV
PV
) / 1 ( +
=
VD3: Mt ngi c hng mt khon tha k
t cha m, vi iu kin khon tin ny c
nhn sau 20 nm na, vi tr gi 700 triu ng.
Gi s li sut chit khu khng i l 9% nm.
Khon tha k ny c gi tr hin ti l bao
nhiu ?
11
Khi nim:l mt chui cc khon thu v chi xy ra
qua mt s thi k nht nh.
Dng tin chi (outflow) : mt chui cc khon chi nh
k thc, chi ph hay bt c khon chi no.
Dng tin thu (inflow) : l mt chui cc khon thu
nhp nh li tc, tri tc, doanh thu bn hng, li
nhun vn vay,


12
Dng tin u (dng nin kim annuity) : dng
tin u bao gm cc khon bng nhau xy ra
qua mt s k nht nh.
Dng nin kim vnh cu (Perpetuity) : dng
nin kim xy ra cui k v khng bao gi kt thc.
Dng tin hn tp : dng tin m cc khon thu
v chi thay i t k ny qua k khc.
13
C mt dng thu nhp u n l CF VND vo
thi im c nh no trong nm th 1,2,3,n,
vi li sut c nh l r (%) nm
Gi tr tng lai ca dng tin trn:
FV = CF(1+r)
n-1
+ CF(1+r)
n-2
+ .+CF(1+r) + CF
14
r
r
CF FV
n
1 ) 1 ( +
=
VD4: C mt tri phiu tr li coupon 100000 vo cui mi
nm. Gi tr ca dng coupon ny ti thi im cui nm th t
l bao nhiu vi li sut 10% nm.
VD5: Hng nm c n ngy sinh nht ng b li cho ngi con
100 USD vo ti khon. Hi n nm 20 tui ngi con chun b
i du hc, ngi con c bao nhiu tin trong ti khon, bit li
sut l 7% nm, ngi b cho tin vo ti khon bt u khi
ngi con va trn 1 tui v kt thc khi ngi con va trn 20
tui.
15
C mt dng thu nhp u n l CF VND vo
thi im c nh no trong nm th 1,2,3,n,
vi li sut c nh l r (%) nm. Th gi tr hin ti
ca dng tin ny l :

16
n
r
CF
r
CF
r
CF
PV
) 1 (
....
) 1 ( 1
2
+
+ +
+
+
+
=
Thu gn c




Hoc:



17
(

+
+
=
r
r
r
CF
PV
n
n
1 ) 1 (
) 1 (
(

+
=
n
r r r
CF PV
) 1 (
1 1
VD6: Nu li sut th trng l 7% nm, trong
vng 20 nm ti, c mi nm ng b cho con 100
USD vo ti khon. Hi hin gi ca dng tin ny
l bao nhiu ?


18
C mt dng thu nhp u n CF VND vo thi
im c nh mi nm, dng thu nhp ny ko di
mi mi. Gi s li sut th trng c nh l r (%)
nm. Tnh hin gi ca dng tin trn.



Dng nh gi c phiu u i

19
r
CF
PV =
1. Tri phiu v ri ro trong u t tri phiu
2. nh gi tri phiu
3. Cc loi li sut ca tri phiu
20
Tri phiu l chng khon n, chng nhn vic vay
vn ca ch th pht hnh i vi mt ch th cho
vay vn.
Trn tri phiu c quy nh mi k ch th pht hnh
phi tr cho ngi nm gi tri phiu mt khon tin
nht nh v ti thi im o hn phi hon tr vn
vay ban u
Ri ro li sut
Ri ro ti u t
Ri ro thanh ton
Ri ro lm pht
Ri ro t gi hi oi
Ri ro thanh khon
Gi ca tri phiu thay i ngc chiu vi s
thay i ca li sut.
Tt c cc tri phiu tr tri phiu c li sut th
ni u phi chu ri ro li sut.
Tri phiu thi hn cn li cng di th ri ro do li
sut bin ng cng ln.
Php tnh li sut ca mt tri phiu gi nh rng
dng tin nhn c s c ti u t. Khon thu
nhp b sung t vic ti u t c gi l li ca
li, ph thuc vo li sut hin hnh ti thi im ti
u t v chin lc ti u t.
Kh nng thay i li sut ti u t ca mt chin
lc ph thuc vo li sut th trng tnh khng
chc chn ca li tc d kin nhn c t tri phiu
v ngi ta gi l ri ro ti u t.
V d: Tri phiu mnh gi 1000 USD, li sut cung phiu
8%, thi hn 10 nm. Hng nm nh u t nhn coupon tr
gi 80USD, nu ti u t vi li sut 8%, sau 10 nm, vo
thi im o hn nh u t nhn c 2158.72 USD. Tuy
nhin gi s ti thi im nhn li sut coupon, li sut th
trng gim xung cn 5% chng hn, nu ti u t, nh
u t s nhn c 2006,23 USD. Vy ri ro ti u t xy
ra khi li sut gim lm gim li nhun ca nh u t.
Cn c gi l ri ro tn dng, l ri ro m nh pht hnh mt tri
phiu c th v n mt kh nng thanh ton cc khon li v vn
gc ca tri phiu.
Tri phiu chnh ph c coi l khng c ri ro thanh ton. Cc
cng ty khc nhau s c ri ro thanh ton khc nhau L/s tri phiu
chnh ph c xem l l/s chun lm cn c n nh l/s ca cc
cng c n khc c cng k hn.
Ri ro thanh ton c xc nh bng mc xp hng tn dng (nh
mc tn dng) do cc cng ty nh mc tn dng n nh da trn
nhng iu khon trong kh c vay, kh nng thu nhp, h s
trang tri n, kh nng thanh ton v trnh qun l ca cng ty
pht hnh.
V d: khi nh mc tn dng ca 1 cng ty b tt
hng xung, c ngha l ri ro thanh ton ca tri
phiu do cng ty pht hnh cao ln, dn n li
sut yu cu ca nh u t i vi tri phiu
cng ty cao v kt qu l gi tri phiu do cng ty
pht hnh gim.

Cn c gi l ri ro sc mua, pht sinh do s
bin ng trong gi tr ca cc dng tin m
chng khon mang li.
Nu lm pht tng, li sut yu cu ca nh u
t i vi tri phiu cng s tng, iu ny dn ti
s gim gi tri phiu.
L ri ro pht sinh do s bin ng ca t gi hi oi.
V d nh u t nc ngoi khi mua tri phiu hay c
phiu ti Vit Nam th u phi chuyn tin t USD ra
VND. Li tc, hay vn gc thu v c tnh bng VND.
Nu VND b mt gi khi nh u t chuyn t VND qua
USD nh trong thi gian va qua, chc chn l nh
u t nc ngoi s chu nhiu thit hi.
L ri ro ty thuc vo vic tri phiu hay c
phiu c th d dng c bn theo gi tr hay
gn vi gi tr khng.
Lu trn TTCK VN ri ro thanh khon rt ln
c bit l khi th trng i xung.
nh gi tri phiu l vic xc nh gi tr hin ti
(hin gi) ca tri phiu m nh u t sn sng
mua.
Phng php tnh: tnh hin gi ca tri phiu
da trn cc dng tin bit
VD: Thng 5/2010 bn mua 1 tri phiu chnh
ph m A, mnh gi 100.000 VND, thi hn 5
nm (o hn thng 5/2015) vi l/s cung phiu
10,75%. cho n nm 2014, mi nm bn s
nhn c 10750 VND, v vo thng 5/2015, thi
im o hn, bn s nhn 100000 VND vn
gc.
Dng tin nhn c:

2011 2012 2013 2014 2015
10750 10750 10750 10750 110750
Gi s, bn mun bn TP ny vo thng 10/2010,
bn vi gi bao nhiu?
Do lm pht gia tng Chnh ph phi nng l/s
cung phiu nhm huy ng vn bng TP.
Thng 10/2010, CP pht hnh TP B c cng mnh
gi, thi hn 5 nm, l/s cung phiu 15%.
Ngi mua s yu cu TP A mang li l/s tng
ng vi TP B v nu thp hn ngi mua s la
chn TP B Cn phi chit khu dng tin do TP
A mang li theo l/s 15% :



PV= 85753 VND

5 4 3 2
15 , 1
110750
15 , 1
10750
15 , 1
10750
15 , 1
10750
15 , 1
10750
+ + + + = PV
nh gi TP, cn 2 yu t:
c tnh dng tin s nhn c trong tng lai
c tnh li sut yu cu tng ng vi mc
ri ro ca tri phiu
Dng tin nhn c bao gm:tin li cung phiu
c tr ti mi k thanh ton v vn gc (mnh gi)
c hon tr khi o hn.
Li sut yu cu c xc nh bng cch xem xt
vi li sut ca cc tri phiu tng ng trn th
trng. Tng ng y c hiu l cc tri
phiu c cng ri ro (tc l cng nh mc tn
nhim) v cng thi hn.




r l li sut chit khu hay li sut yu cu ca th trng i vi
tri phiu hay cn c gi l li sut th trng (market
interest rate)
n l s k thanh ton li cung phiu
C l li cung phiu (coupon)
F l vn gc c tr khi o hn hay chnh l mnh gi tri
phiu.
n
n
n
r
F
r
r
r
C
PV
) 1 (
1 ) 1 (
) 1 ( +
+
+
+
=
Nu tri phiu tr l/s cung phiu 6 thng 1 ln:

n
n
n
r
F
r
r
r
C
PV
2
2
2
)
2
1 (
2
1 )
2
1 (
)
2
1 (
2
+
+
+
+
=
i vi tri phiu khng tr li nh k:
n
r
F
PV
) 1 ( +
=
Hin gi tri phiu bin ng ngc chiu vi li sut
yu cu. Li sut yu cu ty thuc vo cc loi ri ro.
Ri ro cao Li sut yu cu cao Hin gi tri
phiu gim
VD: TPA mnh gi 1000 USD, li sut cung phiu
6%, tr mi nm 1 ln. Thi hn cn li l 4 nm. L/s
th trng 7% nm, tnh hin gi TP. Gi s l/s th
trng tng ln 10%/nm, tnh hin gi TP.
VD:Tri phiu chnh ph TP1A0106 , mnh gi 100000 ,
k hn 5 nm, pht hnh ngy thng 3/2008 c li sut
cung phiu 8,65% tr li mi nm 1 ln. Hy xc nh gi
ca tri phiu bit li sut yu cu l 15%/nm
VD: Mt cng ty pht hnh tri phiu vi mnh gi 1000
USD, thi hn 10 nm, li sut cung phiu l 8% nm, li
tr mi nm mt ln. Hy xc nh gi ca tri phiu bit li
sut yu cu i vi cng ty pht hnh l 10% nm.
C nhiu loi li sutdng nh gi, so snh cc
loi tri phiu vi nhau
Li sut cung phiu (coupon rate/ nominal yield)
Li sut hin hnh (current yield)
Li sut o hn (Yield to Maturity)
Li sut coupon c ghi trn tri phiu, l li
sut m nh pht hnh cam kt tr cho nh u
t trn c s mnh gi.
Cn c gi l li sut danh ngha (nominal yield
NY)
Cng thc tnh: NY = C/F
C: li cung phiu, F: mnh gi
V d: Tri phiu A mnh gi 1000 USD, li sut
coupon 8% nm, tr 1 nm 1 ln, c ngha l cng
ty pht hnh s tr cho tri ch 80 USD mt nm,
tng ng vi mi cung phiu.

Li sut hin hnh l t l gia li cung phiu
hng nm vi th gi ca tri phiu. Li sut hin
hnh ch quan tm n li cung phiu m khng
tnh n bt k ngun li tc no khc tc ng
ti li sut ca nh u t.
Cng thc tnh: CY = C/P
C: li cung phiu, P: th gi TP
V d: mt tri phiu 15 nm, 10%, mnh gi
100000 VND bn vi gi 80000VND, th li sut
hin hnh l 10.000 /80.000 = 12,5%

Li sut o hn l mc li sut lm cho gi tr
hin ti ca dng tin m nh u t nhn c
t tri phiu bng vi gi ca tri phiu.

=
+
+
+
=
n
i
n i
y
F
y
C
P
1
) 1 ( ) 1 (
Cch tnh:
S dng hm IRR trong excel
Tnh gn ng:
3
2P F
n
P F
C
YTM
+

+
=
Li sut o hn chnh l li sut th trng trong
iu kin cn bng ca th trng, chnh l t l
hon vn ni b IRR i vi khon u t vo tri
phiu
Li sut o hn chnh l c s so snh, la
chn nn u t vo tri phiu no
VD1: Mt tri phiu c mnh gi 1000 USD, thi
hn thanh ton cn li l 7 nm, li sut cung
phiu l 8,5%, hin c bn vi gi 965 USD.
Hy tnh YTM ?
VD2: Tri phiu chnh ph CPB 0813011, mnh
gi 100000 , k hn 5 nm, pht hnh thng
2/2008, li sut coupon 8,5% /nm, c bn vi
gi 83051 vo ngy 4/9/2008. Tnh YTM ?

Tri phiu bn theo

Mi quan h
Mnh gi Li sut cung phiu = Li sut hin hnh = Li
sut o hn
Gi chit khu
(di mnh gi)
Li sut cung phiu < Li sut hin hnh < Li
sut o hn
Gi ph tri
(trn mnh gi)
Li sut cung phiu > Li sut hin hnh > Li
sut o hn
53

1. Gi tr hin ti rng (Net Present Value-NPV)
2. Quy tc 72 (Rule of 72)
54
Gi tr hin ti rng (NPV) l mt tiu ch hu ch
cc nh phn tch thm nh mt d n u t. Tiu
ch ny o lng mt d n u t s to ra thm
bao nhiu ti sn cho c ng, l mt ch tiu nh
gi hiu qu d n quan trng.
NPV c tnh bng gi tr hin ti ca dng tin
thun trong tng lai c chit khu bng chi ph
s dng vn.

55
Anh Bnh mt ging vin i hc ang cn nhc v quyt
nh sm chic xe 7 ch ngi cho thu. Dng tin chi v
thu v t chic xe ny trong 3 nm c anh c lng
da trn gi ca chic xe nhu cu thu xe trong thnh ph
nh sau :

56
Nm 0 1 2 3
Dng tin (500) 200 200 350
Gi s chi ph c hi m anh Bnh phi b qua khi
khng u t vo cc d n khc m li u t
vo vic mua xe l 20%. Ly chi ph c hi ny
lm li sut chit khu, ta xc nh c gi tr
hin ti ca dng tin m anh Bnh thu c khi
mua xe l :

57
508
2 , 1
350
2 , 1
200
2 , 1
200
3 2
= + + = PV
508 triu l gi tr hin ti ca dng thu tin. Trong khi
s tin chi u t vo chic xe l 500 triu.
Tng hp li gia gi tr hin ti ca dng thu tin v
dng chi tin ta c gi tr hin ti thun ca d n l
8 triu.
8 triu ln hn 0, chng t d n c li, v anh Bnh
quyt nh mua chic xe.
58
Phng php thm nh d n theo tiu ch NPV, gm cc
bc ch yu sau :
c tnh dng tin c lin quan n d n (dng tin ra
v dng tin vo)
Tnh chi ph s dng vn
S dng cng thc sau tnh NPV

59
N
N
r
CF
r
CF
r
CF
CF NPV
) 1 (
...
) 1 ( ) 1 (
2
2
1
1
0
+
+ +
+
+
+
+ =
CF
t
l dng tin m nh u t k vng thu c trong N nm
(bao gm c dng tin thu v dng tin chi)
r l chi ph s dng vn, hay chnh l chi ph c hi m nh u
t phi b qua khi quyt nh u t vo d n ny.
Quyt nh u t d n hay khng nh sau :
+ NPV > 0 : chp thun d n
+ NPV<0 : bc b d n
+ NPV=0, d n bin, bi v ti sn ca cng ty khng thay i
sau khi thc hin d n c th chp thun hoc khng.

60
S nm mt khon tin tng gp i c tnh
gn ng bng cch ly 72 chia cho li sut chit
khu theo nm.

61
rate interest
72
time Doubling ~
Bn c 1000 USD, u t vi li sut 10%/nm,
hi s nm cn thit s tin ca bn tng gp
i ? tng gp bn ? tng gp tm ln ?
S nm s tin tng gp i = 72/10 = 7,2 nm
S nm s tin tng gp bn ln : 14,4 nm
S nm s tin tng gp tm ln : 21,6 nm

62
(1) Vi li sut chit khu l 10%/nm, hy tnh gi tr tng lai ca 100 USD hin
ti vo nm th 20.
(2) Vi li sut chit khu l 10%/nm, hy tnh gi tr hin ti ca 100 USD c
nhn vo nm th 20.
(3) Bn trng x s vi gii thng 1 triu USD. Bn c hai la chn : (1) nhn
gii thng sau 10 nm, (2) nhn ngay gii thng, nhng tr gi gii thng
ch cn 500.000 USD. Gi s li sut chit khu lun n nh mc 8%/nm.
Bn s chn cch nhn gii no ? Nu li sut chit khu gim xung cn
6%/nm, bn s chn cch nhn gii no ?
(4) Bn trng x s vi gii thng 1 triu USD, c nhn sau 10 nm. Gii
thng ny c nh gi hin ti l 422410 USD. Hi li sut chit khu c
p dng y l bao nhiu ?



63
(5) Vi li sut chit khu l 9%, cn bao nhiu k hn chit khu 1 triu
USD c tr gi hin ti l 422410 USD.
(6) Trng tuyn vo i hc ngoi thng, bn nhn c hc bng 1000
USD cho mi nm trong 4 nm i hc. Hc bng c nhn vo cui mi
nm hc.Tnh hin gi ca khon hc bng ny bit rng li sut chit khu
l 7%/nm. Tnh gi tr ca khon hc bng ny vo cui nm th t.
(7) Bn trng x s vi gii thng l 1,5 triu USD. Rt tic l gii thng
ny c tr trong vng 10 nm, mi nm nhn 150000 USD.Bn bt u
c nhn gii vo nm ti. Hi gii thng ca bn c hin gi bao nhiu,
vi li sut th trng l 8% nm.
(8) Gi tr hin ti ca 1 dng nin kim k hn 10 nm l 7710 USD, li sut
chit khu l 10%/nm. Xc nh khon li nhun m dng nin kim ny
mang li mi nm.

64
(9) Gi tr hin ti ca 1 dng nin kim mang li khon li nhun 1078 USD
mi nm k hn 10 nm l 7710. Xc nh li sut chit khu c p
dng y.
(10) Mt ngi cha d tnh 10 nm na khi con anh ta tt nghip ph
thng s cho con i du hc nc ngoi, lc cn 20000 USD. Vi li
sut th trng l 10% nm, th :
- Hng nm ngi cha phi gi tit kim bao nhiu thc hin c
mc tiu trn ?
- Nu by gi ngi cha gi mt ln th cn bao nhiu ?
(11) Bn cn 100.000 USD mua mt cn h chung c. Mt ngn hng
cho bn mt khon cho vay trong vng 30 nm vi 360 k thanh ton.
Gi s li sut l 12%/ nm. Vy hng thng bn cn phi tr bao nhiu
tin ?

65
(12) Bn mun n khi v hu (cn 15 nm na) ngoi tin lng hu
mi thng c thm 1.000.000 ng tiu. Bn d tnh t nm sau
n khi v hu bn s trch lng ra mt khon nht nh gi tit
kim. Hi mi nm bn phi gi tit kim bao nhiu p ng nhu
cu ni trn. Gi s li sut t nay n khi bn v hu l 9%, sau khi
bn v hu li sut l 0,5% thng.
(13) Bn trng mt gii x s m theo bn s nhn c 100 USD mi
nm. Dng tin bn nhn c l v tn. Tnh hin gi ca gii
thng, bit li sut chit khu l 7%/nm.
(14) Mt c phiu u i vi mc c tc c nh hng nm l 2000 VND.
Tnh hin gi ca c phiu ny, bit li sut chit khu l 10%/nm.


66
(15) Thng 12/1946, sau khi pht gii thng Nobel, trong qu cn 56.000.000
USD, c gi ngn hng Thy in. Theo di chc ca ng Nobel, trch
60% tin li mi nm chia cho nhng ngi c gii. Thng 12/2007, c
6 nh khoa hc c nhn gii thng. Tnh tr gi ca mi gii thng, bit
li sut c nh l 6%/nm.
(16) Mt tri phiu mnh gi 1000 USD, c k hn 7 nm, tr li 1 ln 1 nm,
li tr mi nm l 100 USD. Tnh hin gi tri phiu bit li sut chit khu l
8%/nm.
(17) Tri phiu chnh ph QHB0810015 mnh gi 100000 VND, li sut cung
phiu 7,7%, cn 5 nm ht hn. Li sut yu cu (li sut chit khu) l 16%.
Tnh gi tri phiu.

67
(18) Cng ty X ang cho lu hnh loi tri phiu li sut 6% nm, cn 10
nm na th o hn, tr li 6 thng 1 ln, mnh gi 100000 VND. Nu
li sut th trng (li sut chit khu) l 10% th hin gi ca tri
phiu l bao nhiu?
(19) Mt tri phiu c k hn 7 nm, tr li 1 ln mi nm, c mnh gi
1000 USD c bn trn th trng vi gi 1050,3295 USD. Nu li
sut chit khu l 9%/nm, tnh s tin li tr hng nm.
(20) Mt tri phiu k hn 15 nm tr li 1 ln 1 nm, tr li hng nm
100 USD, c bn trn th trng vi gi 1273 USD , nu li sut
chit khu l 7%/nm, tnh mnh gi tri phiu.
(21) Tri phiu Y mnh gi 1000 USD, li sut cung phiu l 7,75%,
c bn vi gi 915 USD, thi hn cn li l 4 nm. Hy tnh YTM ?


68
(22) Tri phiu A c mnh gi 1000 USD, li tr hng nm vi li sut
coupon 6%/nm, thi hn cn li 4 nm. Tri phiu B cng c mnh gi
1000 USD, li tr hng nm 6%/nm, thi hn cn li 7 nm. Tnh hin
gi mi tri phiu nu li sut chit khu (li sut o hn YTM) cng
bng (1) 10%/nm, (2) 8%/nm, (3) 12%/nm.
(23) Tri phiu chit khu, F=1.000.000 , thi gian o hn 10 nm.
a) Hy xc nh gi ca tri phiu ny nu li sut yu cu ca bn l
9,5%/nm.
b) Gi s bn mua tri phiu ny vi gi 350.000 , bn c li sut u
t bnh qun l bao nhiu?

69
(24) Mt tri phiu c thi hn 5 nm, tri sut (li sut
coupon) 10%, li sut o hn (YTM) hin ti l 8%/nm.
Tnh hin gi tri phiu. Gi s li sut khng i, mt nm
sau gi ca tri phiu ny l bao nhiu ?
(25) Bn l CEO ca mt cng ty. Bn ang cn nhc v vic
u t vo mt d n c dng tin nh sau :
Year 1 2 3 4 5
CF -1000 500 400 300 100
Gi s chi ph c hi (li sut yu cu) ca d n l 10%.
Hy xc nh NPV ca d n, bn c quyt nh u t
vo d n hay khng ?

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(26) Nh u t A mun tng gp i s tin mnh
u t trong vng 7 nm, hi mc li sut chit
khu m anh ta t c mc tiu ny l bao
nhiu ? ( S dng quy tc 72)
(27) Nh u t B k vng thu li 9%/nm t d n
u t ca anh ta. Hi s thi gian cn thit s
tin u t ban u tng gp i ? (S dng quy
tc 72)

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