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# Corporate Finance formula

N
u
Time Value of
m Continuous
Money Formula Annual Compounding Compounded (m) Times per Year
b Compounding
For:
e
r

e
nm
Future Value of a ⎛ i ⎞
1
Lump Sum. ( FVIFi,n ) F V = P V ( 1 + i )n FV = PV ⎜1 + ⎟ FV = PV( )in
⎝ m⎠

e
- nm
Present Value of a -n ⎛ i ⎞ -in
2
Lump Sum. ( PVIFi,n ) PV = FV ( 1 + i ) PV = FV ⎜1 + ⎟ PV = FV( )
⎝ m⎠

## Future Value of an ⎡ ( 1 + i )n - 1 ⎤ ⎡ (1 + (i / m) )nm − 1⎤

3 Ordinary Annuity ( FVA = PMT ⎢ ⎥ FVA = PMT ⎢ ⎥
FVIFAi,n ) ⎣ i ⎦ ⎣ i/m ⎦

## Future Value Annuity

4 FV Annuity Due = FVA*(1+ i ) FV Annuity Due = FVA*(1+ ieffective )
Due

Present Value of an ⎡1 - ( 1 + i )- n ⎤ ⎡1 - ( 1 + (i / m) )- nm ⎤
5 Ordinary Annuity. ( PVA = PMT ⎢ ⎥ PVA = PMT ⎢ ⎥
PVIFAi,n ) ⎣ i ⎦ ⎣ i/m ⎦

Present Value
6 PV Annuity Due = PVA*(1+ i ) PV Annuity Due = PVA*(1+ ieffective )
Annuity Due
PMT PMT
7
Present Value of a
PVperpetuity = PVperpetuity =
Perpetuity. i [(1 + i )1/ m − 1]
Continuous growing
8 PV=PMT /(i-g)

e
perpetuity

EAR = -1
m
Effective Annual Rate ⎛ i ⎞ i
9
given the APR. EAR = APR EAR = ⎜ 1 + ⎟ - 1
⎝ m⎠

## 10 Bond price PV = PV (coupons) + PV (face value)

11 Rate of return

12 Current yield

## 13 Real and nominal rate of return

14 Expected return
15 Dividend Yield

16
Model

## Estimating Expected Rates of

19 Return with Constant Growth
Dividend
20 Growth rate g = ROE X plowback ratio

21 Return on Equity

## Present Value of Growth

22
Opportunity
23 P/E ratio P/E = P0/ EPS

## 25 NPV(A+B) NPV (A+B) = NPV (A) + NPV (B)

26 Percentage return

27 Variance σ2

28 Standard deviation σ

30
Equity

## 34 N assets portfolio variance

35 Beta for one asset i : βi

36 General portfolio β

## Portfolio β with only Debt and

37
Equity

38 CAPM model r = rf + β (rm – rf ) where rm is the market return and rf is the risk free rate

39 Risk premium ( r - rf ) r - rf = β (rm – rf ) where rm is the market return and rf is the risk free rate

## i = the nominal or Annual Percentage Rate n = the number of periods

m = the number of compounding periods per year EAR = the Effective Annual Rate
ln = the natural logarithm, the logarithm to the base e e = the base of the natural logarithm ≈ 2.71828
PMT = the periodic payment or cash flow Perpetuity = an infinite annuity
g = continuous growth rate DIV=dividend
EPS= earns per share P0= current price
NPV= net present value R = return

## = mean of x Rm market portfolio return

Rf risk free return ρ12 correlation between asset 1 and 2