13.What is the purpose of financial markets?How can this purpose be accomplished efficiently? 14.Discuss the functions of financial intermediaries. 15.A number of factors give rise to different interest rates or yield being observed for different types of debt instruments.What are this factors? 16.What are meant by making the financial markets more efficient?More complete? 17.What is the purpose of stock market exchanges such as the New York Stock Exchange? (四)教学方法与手段 本章教学主要采用的方法和手段，如课堂讲授、分组讨论、课堂讨论等。 思政元素 引导学生了解商业、税收、以及金融环境，个人所得税与每人息息相关，可以 将其作为思政教育的载体，了解我国个人所得税制度普惠人民的基本理念，增强对我 国税收制度的自信。 To guide students to understand the business,tax,and financial environment. personal income tax is closely related to everyone.We can use it as acamrier of ideological and political education.It is necessary to understand the basic idea of the personal income tax system of our country to benefit the people,and enhance our confidence in the tax system of our country. Part 2 Valuation Chapter 3 The Time Value of Money (一)Obiectives Afterstudying Chapter 3,you should be able to: 1.Understand what is meant by"The time value of money. 2.Understand the relationship between present and future value 3.Describe how the interest rate can be use to adjust the value of cash flows-both forward and backward-to a single point in time. 4.Calculate both the future and the present value of (a)an amount invested today:(b)a stream of equal cash flows (an annuity);and (c)a stream of mixed cash flows. S.Distinguish between an“ordinary annuity”and an“annuity due..y 6.Use interest factor tables and understand how they provide a shortcut to calculating present and future values. 6
6 13.What is the purpose of financial markets? How can this purpose be accomplished efficiently? 14.Discuss the functions of financial intermediaries. 15.A number of factors give rise to different interest rates or yield being observed for different types of debt instruments. What are this factors？ 16.What are meant by making the financial markets more efficient? More complete? 17.What is the purpose of stock market exchanges such as the New York Stock Exchange？ （四）教学方法与手段 本章教学主要采用的方法和手段，如课堂讲授、分组讨论、课堂讨论等。 思政元素： 引导学生了解商业、税收、以及金融环境，个人所得税与每人息息相关，可以 将其作为思政教育的载体，了解我国个人所得税制度普惠人民的基本理念，增强对我 国税收制度的自信。 To guide students to understand the business, tax, and financial environment, personal income tax is closely related to everyone. We can use it as a carrier of ideological and political education. It is necessary to understand the basic idea of the personal income tax system of our country to benefit the people, and enhance our confidence in the tax system of our country. Part 2 Valuation Chapter 3 The Time Value of Money （一）Objectives After studying Chapter 3, you should be able to: 1.Understand what is meant by “The time value of money.” 2.Understand the relationship between present and future value. 3.Describe how the interest rate can be use to adjust the value of cash flows-both forward and backward-to a single point in time. 4.Calculate both the future and the present value of:(a) an amount invested today;(b) a stream of equal cash flows (an annuity); and (c)a stream of mixed cash flows. 5.Distinguish between an “ordinary annuity” and an “annuity due.” 6.Use interest factor tables and understand how they provide a shortcut to calculating present and future values
7.Use interest factor tables to find an unknown interest rate or growth rate when the number of time period and future and present values are known. 8 Build an"amortization schedule"for an installment-stvle loan (二)Contents 1 The interest rate 2.Simple Interest 3.Compound Interest Single Amounts:Annuities:Mixed Flows 4.Compounding More Than Once a Year Semiannual and Other Compounding Period: Continuous Compounding:Effective Annual Interest Rate 5.Amortizing a loan 6.Summary Table of Key Compound Interest Formulas 7.Key Learning Points 8.Questions 9.Self-Correction Problems 10.Problems 11.Solutions to Self-Correction Problems 12.Selected References (三)思考与实践 1.What is single interest? 2.What is compound interest?Why is it important? 3.what kinds of personal financial decisions have you made that involve compound interest? 4.What is an annuity?Is an annuity worth more or less than lump sum payment received now that would be equal to the sum of all the future annuity payments? 5.What type of compounding would you prefer in your savings account?Why? 6.Contrast the calculation of future (terminal)value with the calculation of present value.What is the difference? 7.What is the advantage of using present value table rather than formulas? 8.If you are schedule to received to a certain sum of money five years from now but wish to sell your contract for its present value,which type of compounding would you prefer to be used in the calculation?Why? 9.TheRule that an amount will double in 12 years at a6 percent compound annual rate or double in 6 years at a 12 percent annual rate.Is this a useful 7
7 7.Use interest factor tables to find an unknown interest rate or growth rate when the number of time period and future and present values are known. 8.Build an “amortization schedule” for an installment-style loan. （二）Contents 1.The Interest Rate 2.Simple Interest 3.Compound Interest Single Amounts; Annuities; Mixed Flows 4.Compounding More Than Once a Year Semiannual and Other Compounding Period; Continuous Compounding; Effective Annual Interest Rate 5.Amortizing a loan 6.Summary Table of Key Compound Interest Formulas 7.Key Learning Points 8.Questions 9.Self-Correction Problems 10.Problems 11.Solutions to Self-Correction Problems 12.Selected References （三）思考与实践 1. What is single interest? 2.What is compound interest? Why is it important? 3.what kinds of personal financial decisions have you made that involve compound interest? 4.What is an annuity? Is an annuity worth more or less than lump sum payment received now that would be equal to the sum of all the future annuity payments? 5.What type of compounding would you prefer in your savings account? Why? 6.Contrast the calculation of future (terminal) value with the calculation of present value. What is the difference? 7.What is the advantage of using present value table rather than formulas? 8.If you are schedule to received to a certain sum of money five years from now but wish to sell your contract for its present value, which type of compounding would you prefer to be used in the calculation? Why? 9.The “Rule of 72” suggests that an amount will double in 12 years at a 6 percent compound annual rate or double in 6 years at a 12 percent annual rate. Is this a useful