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It is now your goal to learn how to determine projects’ values, given appropriate cash flows. There are two important specific kinds of projects that you may consider investing in—bonds Stocks and bonds are and stocks, also called debt and equity. As you will learn later, you can think of a stock as the just projects with inflows and outflows. equivalent of investing to become an owner, although with limited liability. You can think of the bond as the equivalent of lending money. For a given company, an investment in a bond is usually less risky—but it also usually has less upside.

Most of the American Revolution was financed with French and Dutch loans at interest rates of 4–5%. A. The Future Value (FV) of Money Future payoffs given a rate of return and an initial investment. How much money will you receive in the future if the rate of return is 20% and you invest $100 today? 6) CF1 Because you can earn interest, a given amount of money today is worth more than the same amount of money in the future. After all, you could always deposit your money today into the bank and thereby get back more money in the future.

4 trillion in Treasury obligations, roughly $25,000 per citizen. After Treasuries are sold by the government, they are then actively traded in what is one of the most important financial markets in the world today. It would not be uncommon for dedicated bond traders to buy a 5-year Treasury originally issued 10 years ago, and 10 seconds later sell a 3-year Treasury issued 6 years ago. Buyers and sellers in Treasuries are easily found, and transaction costs are very low. Trading volume is huge: In 2001, it was about $300 billion per trading day (there are about 255 trading days per year).

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