Interest theory - chapter 8
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Chapter 8 – Practical Application
8.5 (page 270) Depreciation Methods
analysis of fixed assets
definitions:
n = number of interest conversion periods
A = value of asset at the beginning of n periods
S = salvage value of the asset at the end of n periods
S may be positive, 0, or negative
R = level periodic return AFTER EXPENSES from the asset
i = yield rate on investment per interest conversion period
j = sinking fund rate of interest per interest conv. period
if A = S, i.e., the asset value neither increases or decreases,
i = R / A (formula 8.18)
if A < S, the asset is known as an appreciating asset
real estate
art works
bond bought at discount
if A> S, the asset is known as a depreciating asset
machine
building
bond bought at a premium
if A S, then formula 8.18 in invalid
it fails to recognize changing asset value
need to replace capital invested by means of a sinking fund
sinking fund type approach used to estimate the changing value
of the asset even if the money is not being accumulated
The Return, (8.19)
= yield on investment + portion needed to
accumulate to asset value
Chapter 8 – Practical Applications 1 of 8 November 19, 2002
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