Name: 現在価値4（および割引キャッシュフロー (Present Value 4 (and discounted cash flow))
Uploaded: 2021-01-14T04:45:07.000Z
Duration: 10 min 2 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

So far, we've been assuming that the discount rate is the

same thing, no matter how long of a period

But we know if you go to the bank and you say, hey, bank, I

want to essentially invest in a one-year CD, they'll say,

And you're like, well, what if we give you the

So you can keep our money, locked in for even longer.

They'll say, oh, then we'll give you a little bit more

interest, because we have more flexibility.

For two years, we don't have to worry about paying you.

So instead of giving you 2%, we'll give you 7%, because we

And maybe if you say, well, you know, I actually don't

even need my money for 10 years, so let me give you the

They'll say oh, 10 years, if we get to keep your money,

So in general-- and this tends to be the case, although it's

not always the case-- the longer that you defer your

money, or the longer you lock up the money, the higher an

So the same thing is true when you're doing a discount rate.

Oftentimes you want to discount a payment two years

out by a higher value than something that's

So let's say the risk-free rate, if you were to go out

and get a government bond-- the one-year rate, let's say

So that means you could take that $100 and essentially lend

it to the federal government, and in a year they'll

So 1%, 1.01 times 100, that's just $101, right?

Now your other option is, you could lock it in.

You could lend it to the federal government for two

And they say, oh, then we're going to give you 5% a year.

So how much do you end up with in two years?

So if you're getting 5% a year, that's going to be equal

That's going to be 100-- after one year you're going to get

1.05, and after two years you're going to get 1.05.

Or you can view that as 100 times 1.05 squared.

So you already see, not even doing any present value, this

is actually-- you can almost view this as a future value

If you take a future value, you already know that this

option is better than this option, when you have these

But anyway, the whole topic of this is to talk about present

So in this circumstance, what is the present

Well, actually, what is the present value of the $100?

So we take $110, and we're going to use the two-year

And that makes sense, because essentially you're deferring

So you're deferring your money for two years.

So you divide it by 1-- so it's a 5% rate, 1.05 squared.

And then that is equal to-- I think that was our first

The $20 you get today-- and this is a side note.

It's very important when you're doing this, when they

talk about year one, or year zero, just make sure-- is that

Because if it's a year from now, you'd have to discount it

I was a little ambiguous about that in the last two videos,

So the present value of something given you today, is