2017年cfa一级公式表.pdf

文档介绍：金程教育 Level I Easy Sheet 版权所有不得翻印
T
QUANTITATIVE METHODS Tt
FV Ct(1 r )
The Time Value of Money t1
Interest rate = Nominal risk-free rate Present Value of Uneven Cash Flows =
+ Default risk premium
T C
+ Liquidity risk premium PV  t
(1 r )t
+ Maturity risk premium t1
Nominal risk-free rate Discounted Cash Flow Applications
= Real risk-free rate +expected inflation rate
T CF
NPV = Net present value  t
Required Rate of Return  t
t0 (1 r )
E( R )(1  rf real )(1  IP )(1  RP )  1

r  IP  RP N CF
f The IRR rule: NPV t 0
 t
t0 (1 IRR )
SAR=Stated annual rate= rp×m
rp = period rate; If IRR≥ cost of capital, accept it;
m=number pounding periods per pear If IRR< cost of capital, reject it.
m
EAR=Effective annual rate ()11 rp 
Holding Period Return =holding period yield=HPYt=
The future value of cash flow
Pt P t1  D t P t  D t
Future Value(FV):amount to which investment grows HPR 1
t PP
after one or pounding periods. tt11
Money Weighted Return is an IRR calculation.
FV PV(1 r )n
Time Weighted Return pound growth
FV and past-period return for n periods
PV 
(1/ IY)n
TWR= n (1r )(1  r )(1  r )...(1  r )  1
Annuities:series of equal cash flows that occur at 1 2 3 n
evenly spaced intervals over time. Then annualize the time-weighted return.
Ordinary annuity: