By Welch I.
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Extra info for A First Course in Corporate Finance
A basis point is simply 1/100 of a percent. 5%. If you state that your interest rate has increased by 500 basis points, you mean that the interest rate has increased from 10% to 15%. IMPORTANT: Basis points avoid an ambiguity in the English language: 100 basis points equals 1 percent. 100 basis points constitute 1 percent. Solve Now! 3 A project oﬀers a return of $1,050 for an investment of $1,000. What is the rate of return? 4 A project oﬀers a net return of $25 for an investment of $1,000. What is the rate of return?
After all, you could always deposit your money today into the bank and thereby get back more money in the future. This is an example of the time value of money—a dollar today is worth more than a dollar tomorrow. This is one of the most basic and important concepts in ﬁnance. The $120 next year is therefore called the future value (FV) of $100 today. It is the time value of money that causes its future value, $120, to be higher than its present value (PV), $100. 7) For convenience, we shall often omit the subscript 0 when we mean the present value today.
It is not the math that is the real diﬃculty in valuation. The tough aspect about valuation is the real world. Instead, the diﬃculty is the real world! It is deciding how you should judge the future—whether your Gizmo will be a hit or a bust, whether the economy will enter a recession or not, where you will ﬁnd alternative markets, and how interest rates or the stock market will move. This book explains how to use your forecasts in the best way, but it mostly remains up to you to make smart forecasts.
A First Course in Corporate Finance by Welch I.