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1、1nrii1nriiPinPiPnPIS)1 ( PViFVnn)1 ( 0.02.04.06.08.010.012.014.0147101316192%4%6%8%10%12%14%年份终值系数11mmAPREFFPVmiFVmnn 1PVmiFVmnn 1mnmi1500001206. 01312nFVnnFViPV)1 (191001000091. 010000) 1 . 01 (1PV46.826410000826446. 010000) 1 . 01 (12PV39.857310000857339. 010000)08. 01 (12PVnmnmiFVPV)1 (1nmnmiFVPV
2、)1 (1表3-3 系列现金流的现值和终值 tnttCiPV1)1 (1111)1 (tntntCiFVCiiAFVn1156.12335100012/06. 0112/06. 0112AFVCiiiCiiiAFVnn)1 (111)1 (1CiiiAPVn)1 (1193.116181000)12/06. 0()12/06. 01 (112/06. 0112APVCiiiiCiiiiAPVnn1)1 (1)1 ()1 (11)1 (CiPPV1(3-16)niPVFV)1 ( mjjmjjPVOPVINPV11)()1 (11ttnttCOCIiNPV（3-18）其中，CIt和COt分别为t
3、期的现金流入和流出 净现值-800-600-400-200020040060080010005.00%5.25%5.50%5.75%6.00%6.25%6.50%6.75%7.00%7.25%7.50%7.75%8.00%8.25%8.50%8.75%9.00%9.25%9.50%贴现率IRR=7.37%68.3375.21%1 . 0%x1nriinriicYaCAPC2APC1MPCC=A+cYCaYY2Y110YYYS10)1 (YYYC10)1 (YYYC10)1 (YYYCtpcYbYaCttPVkC （4-13） xixiititititcCECUE00111)(max)(1 (1
4、,1tttptCWRWmTtttnTtttiYiC)1 ()1 (mTtTttnTtTttiYiC)1 ()1 (1)1 (ttYgY1ttCCtttCYStttSWiW1)1 (1)1 (ttCkC1)1)(1 (tttYgtY其中，tt为累进所得税率，它是对可支配收入的一种扣除。其中，W0为初始资产，相当于父母给予的遗产；Bt为留给后代的遗产。mTtTttTTnnnTtTttiYWiBiC)1 ()1 ()1 (mTtttttnTtttiYWiBiC)1 ()1 ()1 (0mTtttttnTtttiYWiBiC)1 ()1 ()1 (0mTtTttmTtTttTTnnnTtTttiYssiYsWiBiC)1 ()()1 ()1 ()1 ()1 (211