{"id":24961,"date":"2021-09-20T18:01:44","date_gmt":"2021-09-20T10:01:44","guid":{"rendered":"https:\/\/\/?p=24961"},"modified":"2022-11-07T10:16:31","modified_gmt":"2022-11-07T02:16:31","slug":"pv-fv-annuity-formula","status":"publish","type":"post","link":"https:\/\/\/pv-fv-annuity-formula\/","title":{"rendered":"\u73fe\u503c\/\u7d42\u503c\/\u5e74\u91d1\u662f\u4ec0\u9ebc\uff1f\u4e00\u6b21\u770b\u61c2\u8ca8\u5e63\u7684\u6642\u9593\u50f9\u503c"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-42408\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220922172035_32.jpg\" alt=\"\u73fe\u503c-\u7d42\u503c-\u5e74\u91d1\" width=\"2090\" height=\"1094\" 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data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d42\u503c\u8207\u5229\u7387(\u6298\u73fe\u7387)\u3001\u671f\u6578\u7684\u95dc\u4fc2<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E5%B9%B4%E9%87%91%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u5e74\u91d1\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e74\u91d1\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E3%80%8C%E5%B9%B4%E9%87%91%E7%8F%BE%E5%80%BC%E3%80%8D%E8%88%87%E3%80%8C%E5%B9%B4%E9%87%91%E7%B5%82%E5%80%BC%E3%80%8D%E8%A8%88%E7%AE%97\" title=\"\u300c\u5e74\u91d1\u73fe\u503c\u300d\u8207\u300c\u5e74\u91d1\u7d42\u503c\u300d\u8a08\u7b97\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u300c\u5e74\u91d1\u73fe\u503c\u300d\u8207\u300c\u5e74\u91d1\u7d42\u503c\u300d\u8a08\u7b97<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E5%B9%B4%E9%87%91%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\" title=\"\u5e74\u91d1\u73fe\u503c\u3001\u7d42\u503c\u5982\u4f55\u8a08\u7b97\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e74\u91d1\u73fe\u503c\u3001\u7d42\u503c\u5982\u4f55\u8a08\u7b97\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E5%B9%B4%E9%87%91%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\" title=\"\u5e74\u91d1\u5982\u4f55\u8a08\u7b97\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e74\u91d1\u5982\u4f55\u8a08\u7b97\uff1f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E5%B8%82%E5%A0%B4%E5%85%88%E7%94%9F%E6%8F%90%E7%A4%BA%EF%BC%9A%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E3%80%81%E5%B9%B4%E9%87%91_%E6%87%89%E7%94%A8%E8%88%87%E6%B3%A8%E6%84%8F%E4%BA%8B%E9%A0%85\" title=\"\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1 \u61c9\u7528\u8207\u6ce8\u610f\u4e8b\u9805\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1 \u61c9\u7528\u8207\u6ce8\u610f\u4e8b\u9805<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E3%80%81%E5%B9%B4%E9%87%91EXCEL%E8%A8%88%E7%AE%97%E5%B7%A5%E5%85%B7\" title=\"\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1EXCEL\u8a08\u7b97\u5de5\u5177\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1EXCEL\u8a08\u7b97\u5de5\u5177<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=/index.html"https:\/\/\/pv-fv-annuity-formula\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E3%80%81%E5%B9%B4%E9%87%91%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E7%82%BA%E4%BB%80%E9%BA%BC%E8%A6%81%E7%AE%97%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%EF%BC%9F\"><\/span><strong>\u70ba\u4ec0\u9ebc\u8981\u7b97\u73fe\u503c\u3001\u7d42\u503c\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u9996\u5148\u8981\u77e5\u9053\u7684\u662f\uff1a\u70ba\u4ec0\u9ebc\u6211\u5011\u8981\u77e5\u9053\u503c\u3001\u7d42\u503c\uff1f<\/p>\n<p><strong>\u56e0\u70ba\u91d1\u9322\u7684\u50f9\u503c\uff0c\u53ea\u6709\u5728\u76f8\u540c\u6642\u9593\u9ede\u624d\u80fd\u4e92\u76f8\u505a\u6bd4\u8f03\u3002<\/strong><\/p>\n<p>\u73fe\u503c\u8003\u616e\u5230\u4e86\u6295\u8cc7\u53ef\u80fd\u7372\u5f97\u7684\u4efb\u4f55\u5229\u7387\uff0c\u56e0\u6b64\u8a8d\u70ba\u540c\u6a23\u91d1\u984d\u7684\u9322\uff0c<\/p>\n<p>\u4eca\u5929\u7684100\u5143\u6703\u6bd4\u672a\u4f86\u7684100\u5143\u66f4\u503c\u9322\uff0c\u56e0\u70ba\u6295\u8cc7\u4eba\u53ef\u4ee5\u628a\u4eca\u5929\u7684100\u5143\u62ff\u53bb\u6295\u8cc7\uff0c\u4e26\u9810\u6e2c\u5728\u672a\u4f865\u5e74\u5167\u7372\u5f97\u7684\u5831\u916c\u7387\uff0c\u4e5f\u5c31\u662f\u8aaa\u4eca\u5929\u7684100\u5143\uff0c\u6703\u6bd4\u672a\u4f86\u7684100\u5143\u66f4\u6709\u50f9\u503c\u3002<\/p>\n<p>\u4e86\u89e3\u5230\u91d1\u9322\u5728\u4e0d\u540c\u6642\u9593\u50f9\u503c\u4e0d\u540c\u6642\uff0c\u5982\u679c\u6211\u5011\u60f3\u8981\u505a\u6bd4\u8f03\uff0c\u5fc5\u9808\u628a\u6642\u9593\u9ede\u63db\u5230\u540c\u4e00\u6642\u9593\u624d\u80fd\u6bd4\u8f03\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u4eca\u5929\u7684100\u5143\u548c10\u5e74\u5f8c\u7684140\u5143\uff0c\u5230\u5e95\u8ab0\u597d\u8ab0\u58de\uff1f<br \/>\n\u4f8b\u5982\uff0c\u4f60\u7acb\u523b\u62ff\u52301500\u5143\uff0c\u8ddf\u672a\u4f863\u5e74\u9678\u7e8c\u62ff\u5230450\u5143\uff0c\u5230\u54ea\u500b\u6bd4\u8f03\u597d\uff1f<\/p>\n<p>\u4f60\u6703\u767c\u73fe\uff0c\u9019\u4e9b\u90fd\u4e0d\u80fd\u76f4\u63a5\u6bd4\uff0c\u81f3\u5c11\u4f60\u6c92\u8fa6\u6cd5\u4e00\u773c\u5224\u65b7\u51fa\u5b83\u7684\u597d\u58de\u3002<\/p>\n<p>\u4f46\u5982\u679c\u4f60\u53ef\u4ee5\u628a10\u5e74\u5f8c\u7684140\u5143\u6298\u73fe\u5230\u4eca\u5929\u7b97\u51fa\u73fe\u503cPV\uff0c\u5c31\u80fd\u548c\u4eca\u5929\u7684100\u5143\u505a\u6bd4\u8f03\u3002<\/p>\n<p>\u540c\u7406\uff0c\u4f60\u4e5f\u53ef\u4ee5\u628a\u4eca\u5929\u7684100\u5143\u6298\u7dda\u5230\u672a\u4f8610\u5e74\u5f8c\uff0c\u7b97\u51fa10\u5e74\u5f8c\u7d42\u503cFV\uff0c\u5c31\u80fd\u548c10\u5e74\u5f8c\u7684140\u5143\u505a\u6bd4\u8f03\u3002<\/p>\n<p>\u9019\u7a2e\u5c07\u672a\u4f86\u73fe\u91d1\u6d41\u8f49\u63db\u6210\u73fe\u503c\uff0c\u6216\u8005\u73fe\u91d1\u6d41\u8f49\u63db\u5230\u672a\u4f86\u7684\u904e\u7a0b\uff0c\u5c31\u7a31\u70ba\u6298\u73fe(\u8cbc\u73fe)\uff0c<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%8F%BE%E5%80%BC%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u73fe\u503c\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><strong>\u73fe\u503c<\/strong><strong>\uff1a<\/strong>\u672a\u4f86\u7684\u6240\u6709\u73fe\u91d1\u6d41\uff0c\u50f9\u503c\u7b49\u65bc\u4eca\u5929\u591a\u5c11\u9322\uff1f<\/p><\/blockquote>\n<p>\u73fe\u503c\uff08\u82f1\u6587\uff1aPresent Value \uff0c\u7c21\u7a31 PV\uff09 \u662f\u6307\u672a\u4f86\u7684\u8ca8\u5e63\u5728\u4eca\u65e5\u7684\u50f9\u503c\uff0c\u4e5f\u5c31\u662f\u8aaa\u672a\u4f86\u4e00\u7b46\u91d1\u984d\uff0c<\/p>\n<p>\u7d93\u904e\u4e00\u6bb5\u6642\u9593 <a href=/index.html"https:\/\/\/what-is-discount-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u73fe(Discount)<\/a>\u5f8c\uff0c\u7b97\u51fa\u7684\u73fe\u5728\u8ca8\u5e63\u50f9\u503c\uff0c\u767d\u8a71\u4f86\u8aaa\u5c31\u662f<strong>\u672a\u4f86\u7684<\/strong><strong>1<\/strong><strong>\u5143\u7b49\u65bc\u4eca\u5929\u591a\u5c11\u9322<\/strong>\u3002<\/p>\n<p>\u5176\u4e2d\uff0c\u6298\u73fe\u6307\u7684\u662f\u8003\u616e\u91d1\u9322\u7684\u6642\u9593\u50f9\u503c\u8207\u6a5f\u6703\u6210\u672c\uff0c\u4f8b\u5982\u6709\u500b\u670b\u53cb\u8ddf\u4f60\u501f100\u5143\uff0c\u90a3\u9ebc\u4ed6\u660e\u5929\u5c31\u9084\u4f60100\u5143\uff0c\u820710\u5e74\u5f8c\u624d\u9084\u4f60100\u5143\uff0c\u5169\u8005\u96d6\u7136\u90fd\u662f100\u5143\uff0c\u4f46\u50f9\u503c\u4e26\u4e0d\u6703\u76f8\u7b49\uff0c<\/p>\n<p>\u56e0\u70ba\u5982\u679c\u4f60\u4eca\u5929\u5c31\u7acb\u523b\u62ff\u5230100\u5143\uff0c\u53ef\u4ee5\u628a\u5b83\u653e\u9280\u884c\u6216\u6295\u8cc7\uff0c\u6703\u5f97\u5230\u5229\u606f\u6216\u6295\u8cc7\u6536\u76ca\uff0c\u6700\u7d4210\u5e74\u5f8c\u5f97\u5230\u7684\u50f9\u503c\u6703\u8d85\u904e100\u5143\uff0c<\/p>\n<p>\u800c\u8003\u616e\u5230\u6642\u9593\u5e36\u4f86\u7684\u5dee\u7570\uff0c\u6240\u7528\u7684\u8abf\u6574\u5229\u7387\uff0c\u5c31\u7a31\u70ba\u6298\u73fe\u7387\u3002\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-discount-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u73fe\u7387\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E7%8F%BE%E5%80%BC%E8%A8%88%E7%AE%97%E5%85%AC%E5%BC%8F%EF%BC%9F\"><\/span>\u73fe\u503c\u8a08\u7b97\u516c\u5f0f\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<blockquote><p><strong>\u73fe\u503cPV = <\/strong>\u7d42\u503c(FV) \u00f7(1+\u5229\u7387%)^\u671f\u6578 = FV \u00f7 ( 1 + r )<sup>n<\/sup><\/p>\n<p>\u5229\u7387\u901a\u5e38\u7c21\u5beb\u70ba r\u00a0 \u6216 i \uff0c\u671f\u6578\u901a\u5e38\u7528n\u671f\u8868\u793a\uff0c<br \/>\n(\u5728\u91d1\u878d\u9818\u57df\u88e1\u97621\u671f\u901a\u5e38\u662f1\u5e74\uff0c\u5982\u679c\u4e0d\u662f1\u5e74\u901a\u5e38\u6703\u5c07\u5229\u7387\u8abf\u6574\u70ba1\u5e74)<\/p><\/blockquote>\n<p>\u55ae\u7b46\u73fe\u503c\u6307\u4e00\u7b46\u5b58\u6b3e\u7684\u73fe\u5728\u50f9\u503c\uff0c\u8a08\u7b97\u65b9\u6cd5\u662f\u5c07\u4e00\u9805\u6295\u8cc7\u9810\u671f\u7684\u672a\u4f86\u73fe\u91d1\u6d41<strong>\u8907\u5229<\/strong>\u6298\u73fe\u5230\u73fe\u5728\u7684\u50f9\u503c\uff0c<br \/>\n\u6295\u8cc7\u4eba\u8a08\u7b97\u6642\u9700\u8981\u77e5\u90533\u500b\u9805\u76ee\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u6bcf\u4e00\u671f\u9810\u671f\u7684\u73fe\u91d1\u6d41<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u652f\u4ed8\u73fe\u91d1\u6d41\u7684\u5e74\u6578(\u7b2c\u5e7e\u671f\u652f\u4ed8)<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u6298\u73fe\/\u8cbc\u73fe\u7387(\u5229\u7387)<\/span><\/li>\n<\/ul>\n<blockquote><p>\u7528\u4f86\u8a08\u7b97\u73fe\u503c\u7684\u5229\u7387\u88ab\u7a31\u70ba\u6298\u73fe\/\u8cbc\u73fe\u7387\uff0c\u9019\u662f\u5f71\u97ff\u73fe\u503c\u7684\u91cd\u8981\u56e0\u7d20\uff0c<\/p>\n<p>\u6298\u73fe\/\u8cbc\u73fe\u7387\u8d8a\u9ad8\u3001\u73fe\u503c\u8d8a\u4f4e\uff1b\u6298\u73fe\/\u8cbc\u73fe\u7387\u8d8a\u4f4e\u3001\u73fe\u503c\u8d8a\u9ad8\u3002<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"%E5%96%AE%E7%AD%86%E7%8F%BE%E9%87%91%E6%B5%81%EF%BC%8C%E7%8F%BE%E5%80%BC%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u55ae\u7b46\u73fe\u91d1\u6d41\uff0c\u73fe\u503c\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u5047\u8a2d\u4f60\u4eca\u5929\u4ee52%\u7684\u5e74\u5229\u7387\uff0c\u5728\u4e00\u500b\u5132\u84c4\u5e33\u6236\u4e2d\u6295\u8cc71,000\u5143\uff0c<\/p>\n<p>\u90a3\u9ebc\u5728\u4e00\u5e74\u7d50\u675f\u6642\uff0c\u5b83\u5c07\u50f9\u503c1,020\u5143(1,000\u5143 \u00d7 1.02)\uff0c\u5305\u542b1000\u5143\u7684\u672c\u91d1\u820720\u5143\u7684\u5229\u606f\u3002<\/p>\n<p>\u6211\u5011\u53ef\u4ee5\u8aaa\uff1a\u672a\u4f86\u4e00\u5e74\u5f8c 1,020\u5143 \uff0c\u57282%\u6298\u73fe\u7387\u4e4b\u4e0b\uff0c\u5b83\u7684\u73fe\u503c\u662f1,000\u5143\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-25735\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210920153900_59.jpg\" alt=\"PV\u73fe\u503c\u8a08\u7b97\" width=\"809\" height=\"543\" \/><\/p>\n<p><strong>\u73fe\u503c\u53ef\u4ee5\u5e6b\u4f60\u8a08\u7b97\uff0c\u5728\u6bcf\u5e74\u56fa\u5b9a\u5831\u916c\u7387(%)\u7684\u8a08\u7b97\u4e0b\uff0c<\/strong><strong>\u4f60\u73fe\u5728\u8a72\u6295\u8cc7\u591a\u5c11\u9322\uff0c\u624d\u80fd\u5b58\u5230\u672a\u4f86\u7684\u76ee\u6a19\u91d1\u984d\u3002<\/strong><\/p>\n<p><strong>\u8209\u4f8b\u4f86\u8aaa\uff1a<\/strong><\/p>\n<p>\u5047\u8a2d\u4f60\u4eca\u5929\u4ee55%\u7684\u5e74\u5229\u7387\u6295\u8cc7\uff0c\u60f3\u57281\u5e74\u5f8c\u7372\u5f971020\u5143\uff0c\u73fe\u5728\u8a72\u5b58\u591a\u5c11\u9322\uff1f<\/p>\n<p>\u8a08\u7b97\u7d50\u679c\uff1a1,020 \u00f7(1+5%)^1 = 971.43\u5143\uff0c<\/p>\n<p>\u4e5f\u5c31\u662f\u8aaa\u9700\u8981\u5b58971.43\u5143\uff0c\u4ee55%\u7684\u5229\u7387\u8a08\u7b97\uff0c1\u5e74\u5f8c\u624d\u80fd\u7372\u5f971020\u5143\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%A4%9A%E7%AD%86%E7%8F%BE%E9%87%91%E6%B5%81%EF%BC%8C%E7%8F%BE%E5%80%BC%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u591a\u7b46\u73fe\u91d1\u6d41\uff0c\u73fe\u503c\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u4e0a\u9762\u9019\u662f\u6bd4\u8f03\u7c21\u55ae\u7684\u4f8b\u5b50\uff0c\u56e0\u70ba\u672a\u4f86\u53ea\u6709\u4e00\u5e74\uff0c\u610f\u601d\u662f\u53ea\u6709\u4e00\u7b46\u73fe\u91d1\u6d41 (\u62ff\u56de1000\u5143\u548c\u5229\u606f20\u5143)\uff0c\u56e0\u70ba\u53ea\u6709\u4e00\u7b46\uff0c\u4e5f\u53ef\u4ee5\u628a\u5b83\u8996\u70ba\u7d42\u503c\u3002<\/p>\n<p>\u4e0d\u904e\u4e00\u822c\u73fe\u503c\u7684\u904b\u7b97\uff0c\u53ef\u80fd\u9047\u5230\u7684\u662f\u672a\u4f86\u6709\u6578\u5e74\u7684\u73fe\u91d1\u6d41\uff0c\u4f8b\u5982\u8aaa\u9810\u8a08\u7b2c\u4e00\u5e74\u6536\u5230500\u5143\u3001\u7b2c\u4e8c\u5e74\u6536\u5230800\u5143\u3001\u7b2c\u4e09\u5e74\u6536\u52301000\u5143\uff0c<\/p>\n<p>\u7b97\u6cd5\u4e5f\u5f88\u7c21\u55ae\uff0c\u5c31\u662f\u628a\u672a\u4f86\u6bcf\u4e00\u671f\u7684\u73fe\u91d1\u6d41\u6578\u5b57\u5206\u5225\u6298\u73fe\u5230\u73fe\u5728\u7b97\u51fa\u73fe\u503c\uff0c\u518d\u505a\u52a0\u7e3d\uff0c\u7b97\u51fa\u4f86\u7684\u5c31\u662f\u9019\u4e9b\u73fe\u91d1\u6d41\u7684\u73fe\u503c\u3002<\/p>\n<blockquote><p><strong>\u73fe\u503cPV = \u5404\u671f\u73fe\u91d1\u6d41\u7684\u73fe\u503c \u52a0\u7e3d <\/strong><\/p>\n<p><strong>\u5404\u671f\u73fe\u91d1\u6d41\u73fe\u503c = \u5404\u671f\u73fe\u91d1\u6d41 \u00f7(1+\u5229\u7387%)^\u671f\u6578<\/strong><\/p><\/blockquote>\n<p>\u4e0b\u5716\u8209\u500b\u4f8b\u5b50\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-25736\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210920153951_49.jpg\" alt=\"\u73fe\u503c\u8a08\u7b97\" width=\"814\" height=\"575\" \/><\/p>\n<blockquote><p><strong>\u88dc\u5145\uff1a\u73fe\u6b96\u5229\u7387\u56e0\u5b50 PVIF<\/strong><\/p>\n<p>\u8a08\u7b97\u6642\u7684\u671f\u6578(n)\uff0c\u901a\u5e38\u662f\u4e00\u500b\u8907\u5229\u671f\u9593\uff0c\u800c\u516c\u5f0f\u88e1\u7684(1+\u5229\u7387%)\u4e5f\u88ab\u7a31\u70ba<strong>\u73fe\u503c\u5229\u7387\u56e0\u5b50<\/strong>\uff0c<br \/>\n\u8868\u793a\u4e0d\u540c\u7684\u5229\u7387(r\u6216i)\u8207\u671f\u6578(n)\u6240\u6c42\u5f97\u5230\u73fe\u503c\u5229\u7387\u56e0\u5b50\uff0c\u82f1\u6587\u516c\u5f0f\u6703\u7c21\u5beb\u70ba (PVIF r, n)\u3002<\/p>\n<p>\u73fe\u6b96\u5229\u7387\u56e0\u5b50 PVIF = 1 \u00f7( 1 + r )<sup>n<\/sup><\/p>\n<p>\u6839\u64dan\u7684\u4e0d\u540c\uff0c\u9019\u56e0\u5b50\u6703\u662f\u4e00\u500b\u6578\u5b57\u3002<br \/>\n\u4f8b\u5982r=5%\u3001n=4\u6642\uff0cPVIF=0.823<\/p>\n<p>\u610f\u601d\u662f\uff0c\u4f60\u628a\u4efb\u610f\u767c\u751f\u5728\u7b2c\u56db\u671f\u7684\u91d1\u984d(\u4f8b\u5982100\u5143)\uff0c\u4e58\u4e0a\u9019\u500b\u56e0\u5b50\u7684\u6578\u5b57(\u4f8b\u5982100\u5143\u00d70.823=82.3\u5143)\uff0c\u5c31\u53ef\u4ee5\u5f97100\u5143\u7684\u6298\u73fe\u7d50\u679c\u662f82.3\u5143\uff0c<\/p>\n<p>\u4f60\u5728\u66f8\u4e0a\u6703\u770b\u5230\u5167\u5bb9\u63d0\u5230\u73fe\u503c\u56e0\u5b50\u3001\u7d42\u503c\u56e0\u5b50\u7b49\u7b49\uff0c\u7b97\u662f\u6bd4\u8f03\u65e9\u5e74\u7684\u4f5c\u6cd5\uff0c\u56e0\u70ba\u897f\u51432000\u5e74\u4ee5\u524d\u96fb\u8166\u5176\u5be6\u9084\u4e0d\u666e\u53ca\uff0c\u7528\u8a08\u7b97\u6a5f\u4f86\u7b97\u4e5f\u5f88\u9ebb\u7169\uff0c\u628a\u9019\u4e9b\u56e0\u5b50\u5148\u7b97\u597d\u3001\u6578\u5b57\u8a18\u9304\u4e0b\u4f86\uff0c\u4ee5\u5f8c\u8981\u8a08\u7b97\u6642\u5c31\u65b9\u4fbf\u5f88\u591a\u3002<br \/>\n\u73fe\u5728\u7531\u65bc\u6709EXCEL\uff0c\u6240\u4ee5\u8a08\u7b97\u5f88\u7c21\u55ae\uff0c\u9019\u985e\u56e0\u5b50\u5927\u6982\u53ea\u5269\u4e0b\u5b78\u6821\u8003\u8a66\u6642\u6703\u7528\u5230\uff0c\u901a\u5e38\u6703\u63d0\u4f9b\u4e00\u5f35\u8868\u683c\uff0c\u662f\u4e00\u7a2e\u7c21\u5316\u8a08\u7b97\u7684\u6982\u5ff5\u3002<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"PV%E7%8F%BE%E5%80%BC%E8%88%87%E6%8A%98%E7%8F%BE%E7%8E%87%E3%80%81%E6%99%82%E9%96%93%E7%9A%84%E9%97%9C%E4%BF%82\"><\/span><strong>PV\u73fe\u503c\u8207\u6298\u73fe\u7387\u3001\u6642\u9593\u7684\u95dc\u4fc2<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"font-size: 16px;\">\u5f9e\u4e0b\u5716\u53ef\u4ee5\u5f97\u77e5\uff0c\u5229\u7387\u8d8a\u9ad8\uff0c\u73fe\u503c\u4e0b\u964d\u5f97\u8d8a\u5feb\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u96e2\u5230\u671f\u65e5(\u671f\u6578n)\u8d8a\u9060\uff0c\u73fe\u503c\u5c31\u8d8a\u4f4e(\u9010\u6f38\u63a5\u8fd1\u65bc0\u96f6)\u3002<\/span><\/li>\n<\/ul>\n<p><a href=/index.html"https:\/\/\/what-is-discount-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u73fe\u7387<\/a>\u8d8a\u9ad8\uff0c\u6642\u9593\u5e36\u4f86\u7684\u8cb6\u503c\u5c31\u8d8a\u5927\u3001\u672a\u4f86\u7684\u73fe\u91d1\u6d41\u5c31\u8d8a\u4e0d\u503c\u9322\u3002<\/p>\n<p>\u4f8b\u5982\u4f60\u9322\u5b58\u9280\u884c\uff0c\u5047\u8a2d\u5229\u606f\u53ea\u67091%\uff0c\u90a310\u5e74\u5f8c\u53ef\u80fd\u548c\u73fe\u5728\u4e0d\u6703\u591a\u592a\u591a\uff0c\u540c\u740610\u5e74\u5f8c\u7684\u9322\u6298\u73fe\u5230\u4eca\u5929\uff0c\u4e5f\u4e0d\u6703\u8cb6\u640d\u592a\u591a\u3002<br \/>\n\u4f46\u9322\u5b58\u9280\u884c\u5982\u679c\u5229\u606f\u670910%\uff0c\u90a310\u5e74\u5f8c\u6703\u5dee\u5f88\u591a\uff0c\u53cd\u904e\u4f8610\u5e74\u5f8c\u7684\u9322\u6298\u73fe\u5230\u4eca\u5929\uff0c\u5c31\u6703\u8cb6\u640d\u5f88\u591a\u3001\u6c92\u90a3\u9ebc\u6709\u50f9\u503c\u3002<\/p>\n<p>\u800c\u6642\u9593\u8d8a\u9060\uff0c\u50f9\u503c\u5fc5\u7136\u8d8a\u4f4e\uff0c\u5982\u679c\u8ddd\u4eca\u5e7e\u767e\u5e74\u5f8c\u624d\u80fd\u62ff\u5230\u7684\u4e00\u7b46\u91d1\u984d\uff0c\u5373\u4f7f\u662f\u4e00\u7b46\u5de8\u6b3e\uff0c\u53ef\u80fd\u5b83\u7684\u73fe\u503c\u4e5f\u6c92\u60f3\u50cf\u4e2d\u7684\u5927\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-24963\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210826003212_70.jpg\" alt=\"\u73fe\u503c\u8b8a\u52d5\" width=\"816\" height=\"503\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B5%82%E5%80%BC%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u7d42\u503c\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><strong>\u7d42\u503c(Future Value)\uff1a\u904e\u53bb\u7684\u6240\u6709\u73fe\u91d1\u6d41\uff0c\u5728\u672a\u4f86\u67d0\u4e00\u671f\u50f9\u503c\u591a\u5c11\u9322<\/strong><\/p><\/blockquote>\n<p>\u7d42\u503c\uff08\u82f1\u6587\uff1aFuture Value ,\u7c21\u7a31 FV\uff09\u4e5f\u5c31\u662f\u672a\u4f86\u50f9\u503c\uff0c\u5b83\u6c7a\u5b9a\u4e86\u6642\u9593\u5c0d\u91d1\u9322\u7684\u5f71\u97ff\u3002<\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u7d42\u503c\u5c31\u662f\u6307\u4eca\u5929\u6295\u8cc7\u7684\u4e00\u7b46\u9322\uff0c\u96a8\u8457\u6642\u9593\u7684\u6d41\u901d\uff0c\u5728\u4e00\u5b9a\u7684\u5229\u7387\u8907\u5229\u8a08\u7b97\u4e0b\u6703\u8b8a\u6210\u591a\u5c11\u9322\u3002<\/p>\n<p>\u7d42\u503c\u7684\u6982\u5ff5\uff0c\u6bd4\u73fe\u503cPV\u4f86\u7684\u76f4\u89ba\u5f88\u591a\uff0c<\/p>\n<p>\u4f8b\u5982\u6211\u5011\u5e38\u5e38\u8ac7\u7684\u6295\u8cc7<a href=/index.html"https:\/\/\/what-is-compound-interest\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8907\u5229<\/a>\uff0c\u6295\u8cc7\u6578\u5e74\u5f8c\u6700\u5f8c\u80fd\u62ff\u5230\u7684\u9322\uff0c\u6307\u7684\u5c31\u662f\u7d42\u503cFV\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E7%B5%82%E5%80%BC%E8%A8%88%E7%AE%97%E5%85%AC%E5%BC%8F%EF%BC%9F\"><\/span>\u7d42\u503c\u8a08\u7b97\u516c\u5f0f\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<blockquote><p><strong>\u7d42\u503c<\/strong>(FV)<strong> = <\/strong>\u73fe\u503c(PV) \u00d7(1+\u5229\u7387%)^\u671f\u6578 = PV \u00d7 ( 1 + r )<sup>n<\/sup><\/p>\n<p>\u671f\u6578 = \u7d93\u904en\u671f\u5230\u6700\u5f8c\u4e00\u671f<br \/>\n\u5229\u7387\u901a\u5e38\u7c21\u5beb\u70ba r\u00a0 \u6216 i \uff0c\u671f\u6578\u901a\u5e38\u7528n\u671f\u8868\u793a\u3002<\/p><\/blockquote>\n<p>\u5728\u7b97\u7d42\u503c\u6642\uff0c\u6211\u5011\u6bd4\u8f03\u4e0d\u6703\u7a31\u547c\u5229\u7387\u70ba\u6298\u73fe\u7387\uff0c\u96d6\u7136\u90fd\u540c\u6a23\u662f\u5229\u7387\u3001\u610f\u601d\u4e00\u6a23\uff0c<\/p>\n<p>\u6298\u73fe\u7387\u4e00\u822c\u53ea\u7528\u5728\u8a08\u7b97\u73fe\u503c\u6642\uff0c\u5c0d\u5229\u7387\u7684\u7a31\u547c\u3002<\/p>\n<p>\u5047\u8a2d\u4f60\u5b58\u4e00\u7b461,000\u5143\u5728\u5e33\u6236\u4e2d\uff0c\u6bcf\u5e74\u652f\u4ed810%\u5229\u606f\uff0c\u4f60\u6301\u67095\u5e74\u7684\u8a71\uff0c\u672a\u4f86\u50f9\u503c(\u7d42\u503c)\u8a08\u7b97\u65b9\u5f0f\u70ba\uff1a1,000 \u00d7(1+10%)^5 =1,610.51\u5143<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%96%AE%E7%AD%86%E7%B5%82%E5%80%BC%E8%A8%88%E7%AE%97%E7%AF%84%E4%BE%8B\"><\/span>\u55ae\u7b46\u7d42\u503c\u8a08\u7b97\u7bc4\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u5982\u679c\u4f60\u4eca\u5929\u5728\u4e00\u500b\u5132\u84c4\u5e33\u6236\u4e2d\u6295\u8cc71,000\u5143\uff0c\u5e74\u5229\u7387\u70ba2%\uff0c<\/p>\n<p>\u90a3\u9ebc\u6295\u8cc7\u4e00\u5e74\u5f8c\uff0c\u5b83\u7684\u50f9\u503c\u8b8a\u62101,020\u5143\uff0c\u4e5f\u5c31\u662f\u8aaa\u7d42\u503c(\u672a\u4f86\u50f9\u503c)\u662f1,020\u5143\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-25737\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210920163646_67.jpg\" alt=\"FV\u8a08\u7b97\" width=\"903\" height=\"543\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u90a3\u9ebc\u5982\u679c\u6295\u8cc72\u5e74\u6703\u767c\u751f\u4ec0\u9ebc\u4e8b\uff1f1,000\u5143\u6703\u8b8a\u62101044\u5143\uff0c<\/p>\n<p>\u7b2c\u4e00\u5e74\u4f60\u8cfa\u4e8620\u5143\uff0c\u4f46\u7b2c\u4e8c\u5e74\u537b\u8cfa\u4e8624\u5143\uff0c\u9019\u984d\u5916\u76844\u5143\u662f\u7b2c\u4e00\u5e74\u5e74\u5e95\u8cfa\u53d620\u5143\u76842%\u5831\u916c\uff0c<\/p>\n<p>\u800c\u9019\u500b\u8cfa\u53d6\u5229\u606f\u7684\u904e\u7a0b\u88ab\u7a31\u70ba<strong>\u8907\u5229<\/strong>\uff0c\u5b83\u5c0d\u6295\u8cc7\u7684\u672a\u4f86\u50f9\u503c\u6709\u5f37\u5927\u5f71\u97ff\u529b\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-compound-interest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u8907\u5229\uff1f<\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%A4%9A%E7%AD%86%E7%8F%BE%E9%87%91%E6%B5%81_%E7%B5%82%E5%80%BC%E8%A8%88%E7%AE%97%E7%AF%84%E4%BE%8B\"><\/span>\u591a\u7b46\u73fe\u91d1\u6d41 \u7d42\u503c\u8a08\u7b97\u7bc4\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u8209\u4f8b\uff0c\u6709\u500b\u6295\u8cc7\u6700\u521d\u6295\u5165500\u5143\u3001\u7b2c\u4e00\u5e74\u6295\u5165400\u5143\u3001\u7b2c\u4e8c\u5e74\u6295\u5165300\u5143\uff0c\u5728\u5229\u73872%\u7684\u60c5\u6cc1\uff0c\u6700\u7d42\u4e00\u671f\u7b2c\u4e09\u5e74\u53ef\u4ee5\u5f97\u5230\u591a\u5c11\uff1f<\/p>\n<p>\u5c07\u5404\u671f\u73fe\u91d1\u6d41\u5206\u5225\u8a08\u7b97\u7d42\u503c\uff0c\u6700\u5f8c\u52a0\u7e3d\uff0c\u5c31\u53ef\u4ee5\u5f97\u5230\u5408\u8a08\u7684\u7d42\u503c\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-43806\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221107091853_58.jpg\" alt=\"FV\u7d42\u503c\u8a08\u7b97\u6848\u4f8b\" width=\"1094\" height=\"785\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E7%B5%82%E5%80%BC%E8%88%87%E5%88%A9%E7%8E%87%E6%8A%98%E7%8F%BE%E7%8E%87%E3%80%81%E6%9C%9F%E6%95%B8%E7%9A%84%E9%97%9C%E4%BF%82\"><\/span><strong>\u7d42\u503c\u8207\u5229\u7387(\u6298\u73fe\u7387)\u3001\u671f\u6578\u7684\u95dc\u4fc2<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u5f9e\u4e0b\u5716\u53ef\u4ee5\u770b\u51fa\uff0c\u7576\u5229\u7387\u8d8a\u9ad8\u3001\u6295\u8cc7\u6642\u9593\u8d8a\u9577\uff0c1\u5143\u7684\u672a\u4f86\u50f9\u503c(\u7d42\u503c)\u6210\u9577\u8d8a\u5feb\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-24964\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210826003412_74.jpg\" alt=\"\u7d42\u503c\u8b8a\u52d5\" width=\"813\" height=\"480\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%B9%B4%E9%87%91%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u5e74\u91d1\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><strong>\u5e74\u91d1(Annuity)<\/strong><strong>\uff1a<\/strong>\u6bcf\u9694\u76f8\u540c\u7684\u6642\u9593\uff0c\u6536\u5230\u6216\u4ed8\u51fa\u4e00\u7b46\u56fa\u5b9a\u91d1\u984d\u7684\u9322\u3002<\/p><\/blockquote>\n<p>\u5e74\u91d1\uff08\u82f1\u6587\uff1aAnnuity\uff09\u662f\u6307\u5728\u4e00\u5b9a\u6642\u9593\u5167\uff0c\u5b9a\u671f\u652f\u51fa\u3001\u6536\u5165\u7684\u56fa\u5b9a\u73fe\u91d1\u6d41\u91cf\uff08Payment, PMT\uff09\uff0c<\/p>\n<p>\u767d\u8a71\u4f86\u8aaa\u662f\u6bcf\u9694\u76f8\u540c\u7684\u6642\u9593\uff0c\u6536\u5230\u6216\u4ed8\u51fa\u4e00\u7b46\u56fa\u5b9a\u91d1\u984d\u7684\u9322\uff0c\u50cf\u662f\u96f6\u5b58\u6574\u4ed8\u3001\u623f\u5c4b\u8cb8\u6b3e\u3001\u5e74\u91d1\u7d66\u4ed8\u2026\u7b49\u3002<\/p>\n<p>\u4e00\u822c\u4eba\u6700\u5e38\u7528\u5230\u5e74\u91d1\u7684\u8a08\u7b97\uff0c\u662f\u8a08\u7b97\u623f\u8cb8\u6bcf\u671f\u8981\u9084\u591a\u5c11\u9322\uff0c\u5982\u679c\u6bcf\u671f\u91d1\u984d\u4e00\u6a23\uff0c\u9019\u5c31\u662f\u4e00\u7a2e\u5e74\u91d1\u3002<\/p>\n<p>\u5176\u6b21\u5247\u662f\u628a\u50b5\u5238\u3001\u5132\u84c4\u96aa\u7b49\u5e74\u91d1\u6216\u5229\u606f\uff0c\u63db\u7b97\u56de\u73fe\u503c\u6216\u7d42\u503c\u3002<\/p>\n<p><strong>\u5e74\u91d1\u7684\u5b9a\u7fa9\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u5e74\u91d1\u6bcf\u671f\u7684\u6536\u5165\u6216\u652f\u4ed8\u91d1\u984d\u56fa\u5b9a\u4e0d\u8b8a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e74\u91d1\u7684\u8a08\u7b97\u671f\u9593\u5167\uff0c\u6bcf\u671f\u73fe\u91d1\u6d41\u91cf\u5fc5\u9808\u6301\u7e8c\u4e0d\u80fd\u4e2d\u65b7\u3002<\/span><\/li>\n<\/ol>\n<p>\u5e74\u91d1\u8a08\u7b97\u516c\u5f0f\u7684\u9650\u5236\u5f88\u591a\uff0c\u56e0\u70ba\u53ea\u8981\u6bcf\u4e00\u671f\u7684\u9322\u4e0d\u4e00\u6a23\uff0c\u5e74\u91d1\u516c\u5f0f\u5c31\u4e0d\u80fd\u7528\u4e86\uff0c<br \/>\n\u5b83\u53ea\u6709\u5728\u73fe\u91d1\u6d41\u4e00\u6a23\u6642\u624d\u6703\u7528\u5b83\u505a\u8a08\u7b97\u3002<\/p>\n<p><strong>\u666e\u901a\u5e74\u91d1 vs \u671f\u521d\u5e74\u91d1\uff1a\u5f9e\u7b2c0\u671f\u958b\u59cb\uff0c\u9084\u662f\u5f9e\u7b2c\u4e00\u671f\u958b\u59cb\uff1f<\/strong><\/p>\n<p>\u5e74\u91d1\u53c8\u6709<strong>\u666e\u901a\u5e74\u91d1\u3001\u671f\u521d\u5e74\u91d1<\/strong>\u7684\u5206\u5225\uff0c<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u82e5\u5b9a\u671f\u652f\u51fa\u3001\u6536\u5165\u767c\u751f\u65bc\u6bcf\u671f\u7684\u671f\u672b\uff0c\u7a31\u70ba\u666e\u901a\u5e74\u91d1\uff1b<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u82e5\u5b9a\u671f\u652f\u51fa\u3001\u6536\u5165\u767c\u751f\u65bc\u671f\u521d(\u7b2c0\u671f)\uff0c\u7a31\u70ba\u671f\u521d\u5e74\u91d1\u3002<\/span><\/li>\n<\/ul>\n<p>\u4e00\u822c\u9664\u975e\u6709\u7279\u5225\u8aaa\u660e\uff0c\u5426\u5247\u5747\u6307\u666e\u901a\u5e74\u91d1\uff0c<\/p>\n<p>\u7531\u65bc\u9019\u6703\u5f71\u97ff\u5230\u8a08\u7b97\u7d50\u679c\uff0c\u56e0\u6b64\u8a08\u7b97\u4e4b\u524d\u8981\u6e05\u695a\u662f\u54ea\u4e00\u7a2e\u3002<\/p>\n<ol>\n<li><strong>\u666e\u901a\u5e74\u91d1(<\/strong><strong>\u5e74\u672b)<\/strong><strong>\uff1a<\/strong>\u5e74\u91d1\u652f\u51fa\u6216\u6536\u5165\u7684\u6642\u9593\u5728<strong>\u671f\u672b<\/strong>\uff0c\u4f8b\u5982\uff1a\u6bcf\u6708\u511f\u9084\u7684\u623f\u5c4b\u8cb8\u6b3e\u3002<\/li>\n<li><strong>\u671f\u521d\u5e74\u91d1(<\/strong><strong>\u5e74\u521d)<\/strong><strong>\uff1a<\/strong>\u5e74\u91d1\u767c\u751f\u7684\u6642\u9593\u5728<strong>\u671f\u521d<\/strong>\uff0c\u4e5f\u7a31\u70ba\u5373\u671f\u5e74\u91d1\u3001\u5230\u671f\u5e74\u91d1\uff0c\u4f8b\u5982\uff1a\u7e73\u4ea4\u58fd\u96aa\u4fdd\u96aa\u8cbb\u3002<\/li>\n<\/ol>\n<p>\u671f\u521d\u5e74\u91d1\u7684\u73fe\u91d1\u6d41\u6703\u6bd4\u666e\u901a\u5e74\u91d1\u65e9\u4e00\u671f\uff0c<\/p>\n<p>\u666e\u901a\u5e74\u91d1\u3001\u671f\u521d\u5e74\u91d1\u7684\u8aaa\u660e\u5982\u4e0b\u5716\uff0c\u666e\u901a\u5e74\u91d1\u4ee3\u8868\u652f\u4ed8(\u6536\u53d6)\u7684\u671f\u9593\u5728\u671f\u672b\uff1b\u671f\u521d\u5e74\u671f\u4ee3\u8868\u652f\u4ed8(\u6536\u53d6)\u7684\u671f\u9593\u5728\u671f\u521d\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-24965\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210826003725_90.jpg\" alt=\"\u5e74\u91d1\u8b8a\u52d5\" width=\"813\" height=\"474\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%80%8C%E5%B9%B4%E9%87%91%E7%8F%BE%E5%80%BC%E3%80%8D%E8%88%87%E3%80%8C%E5%B9%B4%E9%87%91%E7%B5%82%E5%80%BC%E3%80%8D%E8%A8%88%E7%AE%97\"><\/span>\u300c\u5e74\u91d1\u73fe\u503c\u300d\u8207\u300c\u5e74\u91d1\u7d42\u503c\u300d\u8a08\u7b97<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u901a\u5e38\u6211\u5011\u6703\u5728\u5df2\u77e5\u5e74\u91d1\u7684\u60c5\u6cc1\u4e0b\uff0c\u4f86\u8a08\u7b97\u73fe\u503c\u3001\u7d42\u503c\uff1a\u4f8b\u5982\u5df2\u77e5<a href=/index.html"https:\/\/\/dollar-cost-averaging\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5b9a\u671f\u5b9a\u984d<\/a>\u7684\u6295\u8cc7(\u5e74\u91d1)\uff0c\u4f86\u8a08\u7b97\u6700\u5f8c\u53ef\u4ee5\u5f97\u5230\u591a\u5c11(\u7d42\u503c)\uff1f<\/p>\n<p>\u6216\u8005\u5728\u5df2\u77e5\u73fe\u503c\u3001\u7d42\u503c\u7684\u60c5\u6cc1\u4e0b\uff0c\u4f86\u8a08\u7b97\u5e74\u91d1\uff1a\u4f8b\u5982\u501f\u4e00\u7b46\u623f\u8cb8(\u73fe\u503c)\uff0c\u8a08\u7b97\u6bcf\u671f\u8981\u9084\u591a\u5c11\u9322(\u5e74\u91d1)\uff1f<\/p>\n<p>\u5e74\u91d1\u73fe\u503c\u7684\u610f\u601d\uff0c\u662f\u5df2\u7d93\u77e5\u9053\u56fa\u5b9a\u6536\u6b3e\u91d1\u984d\u7684\u672a\u4f86\u672c\u5229(\u7d42\u503c)\u3001\u5229\u7387\u3001\u8a08\u606f\u671f\u6578\u6642\uff0c<\/p>\n<p>\u8003\u616e\u8ca8\u5e63\u7684\u6642\u9593\u50f9\u503c\u5f8c\uff0c\u8a08\u7b97\u51fa\u9019\u4e9b\u6536\u4ed8\u6b3e<strong>\u73fe\u5728\u7684<\/strong>\u91d1\u984d\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%B9%B4%E9%87%91%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u5e74\u91d1\u73fe\u503c\u3001\u7d42\u503c\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<blockquote><p><strong>\u666e\u901a\u5e74\u91d1\u73fe\u503c <\/strong>= PMT \u00d7 (PVIFA ,r,n)<br \/>\n<strong>\u671f\u521d\u5e74\u91d1\u73fe\u503c <\/strong>= \u666e\u901a\u5e74\u91d1\u73fe\u503c \u00d7 (1 + r)<\/p>\n<p><strong>\u666e\u901a\u5e74\u91d1\u7d42\u503c <\/strong>= PMT \u00d7 (FVIFA r,n)<br \/>\n<strong>\u671f\u521d\u5e74\u91d1\u7d42\u503c <\/strong>= \u666e\u901a\u5e74\u91d1\u7d42\u503c \u00d7 (1 + r)<\/p><\/blockquote>\n<ul>\n<li>(PVIFA ,r,n) \u5e74\u91d1\u73fe\u503c\u56e0\u5b50= \uff081 &#8211; [1\u00f7(1+r)^n] \uff09\u00f7 r<\/li>\n<li>(FVIFA r,n)\u5e74\u91d1\u7d42\u503c\u56e0\u5b50 = \uff08 [(1+r)^n] -1 \uff09\u00f7 r<\/li>\n<li><span style=\"font-size: 16px;\">PMT = \u56fa\u5b9a\u73fe\u91d1\u6d41 (\u6bcf\u4e00\u671f\u591a\u5c11\u9322)<\/span><\/li>\n<li><span style=\"font-size: 16px;\">r = \u5229\u7387<\/span><\/li>\n<li><span style=\"font-size: 16px;\">n =\u671f\u6578<\/span><\/li>\n<\/ul>\n<p>\u8981\u6ce8\u610f\uff0c\u666e\u901a\u5e74\u91d1\u73fe\u503c\u548c\u666e\u901a\u5e74\u91d1\u7d42\u503c\uff0c\u90fd\u662f\u5047\u5b9a\u5e74\u91d1\u767c\u751f\u5728\u6bcf\u4e00\u671f\u7684\u671f\u672b\uff0c<br \/>\n\u5982\u679c\u5e74\u91d1\u662f\u671f\u521d(\u7b2c0\u671f)\u958b\u59cb\u7b97\uff0c\u5c31\u8981\u591a\u4e58\u4e00\u671f (1+r)\u3002<\/p>\n<p>\u5176\u4e2d PVIFA \u3001FVIFA\u7a31\u70ba\u5e74\u91d1\u73fe\u503c\u56e0\u5b50\u3001\u5e74\u91d1\u7d42\u503c\u56e0\u5b50\uff0c\u53ea\u8981\u77e5\u9053\u5229\u7387\u548c\u671f\u6578\uff0c\u5c31\u6703\u662f\u4e00\u500b\u56fa\u5b9a\u7684\u6578\u5b57\uff0c\u6703\u5beb\u6210\u4f8b\u5982\u50cf\u662f (PVIFA 5%,6) \uff0c<\/p>\n<p>\u5728\u5b78\u6821\u8003\u8a66\u7684\u6642\u5019\uff0c\u6709\u6642\u5019\u6703\u7d66\u4e00\u5f35\u8868\uff0c\u8b93\u4f60\u67e5\u9019\u500b\u56e0\u5b50\u662f\u591a\u5c11\uff0c\u4e0d\u904e\u5728\u6c92\u6709\u9019\u7a2e\u56e0\u5b50\u8868\u683c\u7684\u6642\u5019\uff0c\u5c31\u662f\u81ea\u5df1\u7528\u516c\u5f0f\u7b97\u3002<\/p>\n<p>\u5e74\u91d1\u8a08\u7b97\u516c\u5f0f\u5982\u4e0b\u5716\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-25739\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210920174312_51.jpg\" alt=\"\u5e74\u91d1\u73fe\u503c\u3001\u7d42\u503c \u8a08\u7b97\u516c\u5f0f\" width=\"453\" height=\"312\" \/><\/p>\n<p>FV\u5176\u5be6\u5c31\u662f\u628aPV\u503c\u5728\u4e58\u4e0a (1+r)<sup>n<\/sup>\u3002<\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\u9019\u516c\u5f0f\uff0c\u9664\u4e86\u5b78\u6821\u8003\u8a66\u4ee5\u5916\u662f\u4e0d\u7528\u80cc\u7684\uff0c\u6703\u7528EXCEL\u7b97\u6216\u8005\u9700\u8981\u6642\u518d\u67e5\u5c31\u597d\u3002<\/p>\n<p>\u4f46\u662f\u73fe\u503c\u548c\u7d42\u503c\u8f49\u63db\u9019\u500b\u5c31\u5f88\u57fa\u672c\uff0c\u4e00\u5b9a\u8981\u77e5\u9053\u600e\u9ebc\u7b97\u3002<\/p>\n<p><strong>\u5e74\u91d1\u73fe\u503c\u8a08\u7b97\u4f8b\u5b50\uff1a<\/strong><\/p>\n<p>\u5047\u8a2d\u5f9e\u5e74\u521d\u958b\u59cb\uff0c\u6301\u7e8c\u6295\u51651,500\u5143\u5e74\uff0c\u5229\u7387\u70ba5%\uff0c\u7e3d\u5171\u6295\u51656\u5e74\uff0c\u8a72\u5982\u4f55\u8a08\u7b97\u6700\u521d\u5e74\u521d\u7684\u73fe\u503c\uff1f<\/p>\n<p>\u5148\u8a08\u7b97\u666e\u901a\u5e74\u91d1\u73fe\u503c = 1,500 \u00d7 (PVIFA 5%,6) = 1,500 \u00d7 5.0757 =7,613<\/p>\n<p>7,613\u662f\u6bcf\u671f\u671f\u672b\u958b\u59cb\u6295\u5165\u7684\u671f\u6cc1\uff0c\u56e0\u70ba\u984c\u76ee\u7684\u6295\u5165\u662f\u671f\u521d\u958b\u59cb\uff0c\u6240\u4ee5\u8a08\u7b97\u4e0a\u8981\u8abf\u6574\uff0c\u591a\u4e58\u4ee5\u4e00\u6b21\u5229\u7387\uff0c<\/p>\n<p>\u671f\u521d\u5e74\u91d1\u73fe\u503c = 7,613 \u00d7 1.05 = 7,994\u5143<\/p>\n<p><strong>\u5e74\u91d1\u7d42\u503c\u8a08\u7b97\u4f8b\u5b50\uff1a<\/strong><\/p>\n<p>\u5047\u8a2d\u4f60\u5728\u5e74\u521d\u5b58\u4e861,500\u5143\uff0c\u7e3d\u5171\u5b586\u5e74\u3001\u5e74\u5229\u7387\u70ba5%\uff0c\u6bcf\u5e74\u8a08\u606f1\u6b21\uff0c\u90a3\u9ebc\u5728\u7b2c6\u5e74\u5e74\u5e95\u6642\u7d42\u503c\u662f\u591a\u5c11\uff1f<\/p>\n<p>\u5148\u8a08\u7b97\u666e\u901a\u5e74\u91d1\u7d42\u503c = 1,500 \u00d7 (FVIFA 5%,6) = 10,202<\/p>\n<p>\u540c\u6a23\u7684\uff0c10202\u5143\u662f\u5047\u8a2d\u671f\u672b\u6295\u5165\u7684\u60c5\u6cc1\uff0c\u4f46\u56e0\u70ba\u984c\u76ee\u662f\u671f\u521d\u6295\u5165\u800c\u975e\u671f\u672b\u6295\u5165\uff0c\u6240\u4ee5\u8981\u591a\u4e58\u4e00\u6b21\u5229\u7387\u3002<\/p>\n<p>\u671f\u521d\u5e74\u91d1\u7d42\u503c = 10,202 \u00d7 1.05% = 10,712\u5143<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E5%B9%B4%E9%87%91%E5%A6%82%E4%BD%95%E8%A8%88%E7%AE%97%EF%BC%9F\"><\/span>\u5e74\u91d1\u5982\u4f55\u8a08\u7b97\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<blockquote><p><strong>\u5e74\u91d1PMT <\/strong>= PV \u00f7 (PVIFA ,r,n)<\/p>\n<p><strong>\u5e74\u91d1PMT\u00a0<\/strong>= FV \u00f7 (FVIFA r,n)<\/p><\/blockquote>\n<ul>\n<li>(PVIFA ,r,n) \u5e74\u91d1\u73fe\u503c\u56e0\u5b50= \uff081 &#8211; [1\u00f7(1+r)^n] \uff09\u00f7 r<\/li>\n<li>(FVIFA r,n)\u5e74\u91d1\u7d42\u503c\u56e0\u5b50 = \uff08 [(1+r)^n] -1 \uff09\u00f7 r<\/li>\n<li><span style=\"font-size: 16px;\">PMT = \u56fa\u5b9a\u73fe\u91d1\u6d41 (\u6bcf\u4e00\u671f\u591a\u5c11\u9322)<\/span><\/li>\n<li><span style=\"font-size: 16px;\">r = \u5229\u7387<\/span><\/li>\n<li><span style=\"font-size: 16px;\">n =\u671f\u6578<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-25740\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210920175252_39.jpg\" alt=\"\u5e74\u91d1\u8a08\u7b97\u516c\u5f0f\" width=\"454\" height=\"312\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%B8%82%E5%A0%B4%E5%85%88%E7%94%9F%E6%8F%90%E7%A4%BA%EF%BC%9A%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E3%80%81%E5%B9%B4%E9%87%91_%E6%87%89%E7%94%A8%E8%88%87%E6%B3%A8%E6%84%8F%E4%BA%8B%E9%A0%85\"><\/span>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1 \u61c9\u7528\u8207\u6ce8\u610f\u4e8b\u9805<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4e0b\u5217\u5e7e\u9ede\u89c0\u5ff5\u5728\u7d42\u503c\u3001\u5e74\u91d1\u8a08\u7b97\u90fd\u662f\u901a\u7528\u7684\u3002<\/p>\n<p><strong>1. \u7528\u73fe\u503c\u4f86\u8a55\u4f30\u4f30\u50f9\u662f\u5426\u5408\u7406\uff1f<\/strong><\/p>\n<p>\u73fe\u503c\u6700\u5927\u7684\u7528\u610f\uff0c\u662f\u5e6b\u6295\u8cc7\u4eba\u5224\u65b7\u4e00\u9805\u6295\u8cc7\u652f\u4ed8\u7684\u50f9\u683c\u662f\u5426\u5408\u9069\uff0c<br \/>\n\u5982\u679c\u7b97\u51fa\u4f86\u7684\u672a\u4f86\u56de\u6536\u7684\u73fe\u503c\u4f4e\u65bc\u4ed8\u51fa\u6210\u672c\u7684\u73fe\u503c\uff0c\u90a3\u9ebc\u9019\u500b\u6295\u8cc7\u5c31\u662f\u4e0d\u5408\u7406\u7684\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u4f60\u5c0d\u4e00\u6a94\u80a1\u7968\u505a\u4f30\u50f9\uff0c\u6298\u73fe\u7387\u7528\u4f60\u7684\u6295\u8cc7\u6a5f\u6703\u6210\u672c5%\u53bb\u4f30\u8a08\uff0c<br \/>\n\u5047\u8a2d\u8003\u616e\u5230\u9019\u4f01\u696d\u672a\u4f86\u73fe\u91d1\u6d41\u6298\u73fe\u5f8c\uff0c\u50f9\u503c\u662f200\u5143\uff0c\u4f46\u73fe\u5728\u80a1\u50f9\u9ad8\u9054300\u5143\uff0c\u9019\u6642\u5c31\u4ee3\u8868\u4f60\u6295\u8cc7\u6642\uff0c\u9664\u975e\u6700\u5f8c\u5be6\u969b\u73fe\u91d1\u6d41\u9ad8\u51fa\u4f60\u7684\u9810\u671f\uff0c\u5426\u5247\u6700\u7d42\u4f60\u5982\u679c\u8cb7\u5728300\u5143\uff0c\u5f97\u5230\u7684\u5831\u916c\u7387\u5c31\u6703\u4f4e\u65bc5%\uff0c\u4e5f\u5c31\u662f\u4e0d\u503c\u5f97\u6295\u8cc7\u3002<\/p>\n<p>\u77e5\u540d\u7684<a href=/index.html"https:\/\/\/discounted-cash-flow-dcf-model\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">DCF\u73fe\u91d1\u6d41\u6298\u73fe\u4f30\u50f9\u6a21\u578b<\/a>\uff0c\u5c31\u662f\u5728\u8a08\u7b97\u73fe\u503cPV\u3002<\/p>\n<p>\u800c\u8a31\u591a\u4f30\u50f9\u65b9\u6cd5\uff0c\u5982<a href=/index.html"https:\/\/\/pe-ratio-basic\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u672c\u76ca\u6bd4\u6cd5<\/a>\uff0c\u5176\u5be6\u90fd\u662f\u9019\u7a2e\u6298\u73fe\u6a21\u578b\u7684\u7c21\u5316\u7248\u672c\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a\u73fe\u91d1\u6d41\u6298\u73fe\u4f30\u50f9\u6a21\u578bDCF\u662f\u4ec0\u9ebc\uff1f<\/p>\n<p><strong>2. \u6298\u73fe\u6700\u91cd\u8981\u7684\u554f\u984c\uff1a\u6298\u73fe\u7387\u8a72\u7528\u591a\u5c11\uff1f<\/strong><\/p>\n<p>\u5728\u73fe\u503c\u7684\u8a08\u7b97\u516c\u5f0f\u4e2d\uff0c\u5229\u7387%\u5c31\u662f\u73fe\u503c\u7684\u6298\u73fe\/\u8cbc\u73fe\u7387\uff0c\u4e5f\u5c31\u662f\u7528\u4f86\u8a08\u7b97\u73fe\u503c\u7684\u6295\u8cc7\u5831\u916c\u7387\uff0c<br \/>\n\u4f46\u8a08\u7b97\u73fe\u503c\u7684\u6298\u73fe\/\u8cbc\u73fe\u7387\u5176\u5be6\u662f\u975e\u5e38\u4e3b\u89c0\u7684\uff0c<br \/>\n\u56e0\u70ba\u5b83\u662f\u9810\u671f\u4f60\u628a\u4eca\u5929\u7684\u9322\u6295\u8cc7\u4e00\u6bb5\u6642\u9593\u5f8c\uff0c\u5c07\u6703\u5f97\u5230\u7684\u9810\u671f\u5831\u916c\u7387\uff0c<br \/>\n\u63db\u53e5\u8a71\u8aaa\uff0c\u4e5f\u5c31\u662f\u6a5f\u6703\u6210\u672c\u3002<\/p>\n<p>\u6a5f\u6703\u6210\u672c\u6709\u975e\u5e38\u591a\u7a2e\u53ef\u80fd\uff0c\u5e38\u898b\u7684\u5982\u4e0b\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\"><strong>\u7121\u98a8\u96aa\u5229\u7387<\/strong>\uff1a\u7121\u98a8\u96aa\u7684\u5831\u916c\u7387\u5e38\u7528\u4f86\u7576\u6298\u73fe\/\u8cbc\u73fe\u7387\uff0c\u5229\u7387\u4ee3\u8868\u4e86\u6295\u8cc7\u6216\u5c08\u6848\u9700\u8981\u8cfa\u53d6\u7684\u5831\u916c\u7387\u3002<\/span><br \/>\n<span style=\"font-size: 16px;\">\u5047\u8a2d2\u5e74\u671f\u516c\u50b5\u652f\u4ed82%\u7684\u5229\u606f\u6216\u5831\u916c\u7387\uff0c\u6295\u8cc7\u4eba\u7684\u6295\u8cc7\u6a19\u7684\u81f3\u5c11\u9700\u8981\u8cfa\u53d6\u8d85\u904e2%\u7684\u6536\u76ca\u624d\u5408\u7406\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u6295\u8cc7\u7684\u6a5f\u6703\u6210\u672c<\/strong>\uff1a\u4f60\u672c\u8eab\u8cc7\u91d1\u6709\u5176\u4ed6\u9078\u64c7\uff0c\u4f8b\u5982\u4f60\u6709\u53e6\u4e00\u4e9b\u98a8\u96aa\u985e\u4f3c\u6295\u8cc7\u6a5f\u6703\uff0c\u7576\u4e2d\u6700\u597d\u7684\u81f3\u5c11\u67095%\u5831\u916c\uff0c5%\u5c31\u662f\u4f60\u7684\u6a5f\u6703\u6210\u672c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u98a8\u96aa\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b<\/strong>\uff1a\u7576\u627f\u64d4\u4e0d\u540c\u98a8\u96aa\u6642\uff0c\u6703\u6839\u64da\u7121\u98a8\u96aa\u5229\u7387\uff0c\u52a0\u4e0a\u4e00\u5b9a\u7a0b\u5ea6\u7684\u627f\u64d4\u98a8\u96aa\u8981\u6c42\u5831\u916c\u3002\u7c21\u55ae\u8209\u4f8b\u5982\u7121\u98a8\u96aa\u5229\u73872%\uff0c\u518d\u52a0\u4e0a\u6839\u64da\u627f\u64d4\u984d\u5916\u98a8\u96aa\u7684\u8981\u6c42\u5831\u916c4%\uff0c2%+4%=6%\u5831\u916c\uff0c\u4f5c\u70ba\u6298\u73fe\u7387\u3002\u5982\u679c\u662f\u6ce2\u52d5\u66f4\u5927\u3001\u98a8\u96aa\u66f4\u9ad8\u7684\u6295\u8cc7\uff0c\u61c9\u8a72\u8981\u6c42\u66f4\u9ad8\u5831\u916c\u4f86\u88dc\u511f\u98a8\u96aa\uff0c\u4f8b\u5982\u984d\u5916\u8981\u6c42\u5831\u916c8%\uff0c\u6298\u73fe\u7387\u7528 2%+8%=10%\u4f86\u7b97\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>WACC\u52a0\u6b0a\u8cc7\u91d1\u6210\u672c<\/strong>\uff1a\u4e00\u822c\u662f\u4f01\u696d\u53d6\u5f97\u8cc7\u91d1\u7684\u6210\u672c\uff0c\u4f8b\u5982\u9280\u884c\u6216\u8005\u50b5\u5238\u501f\u6b3e\u5229\u7387\u662f6%\uff0c\u6295\u8cc7\u4eba\u8981\u6c42\u5831\u916c\u5247\u662f8%\uff0c\u90a3\u4f01\u696d\u60f3\u505a\u4e00\u500b\u6295\u8cc7\u3001\u53d6\u5f97\u8cc7\u91d1\u7684\u6210\u672c\uff0c\u5c31\u662f\u90196%\u548c8%\u6839\u64da\u6bd4\u4f8b\u52a0\u6b0a\u51fa\u4e00\u500b\u6b0a\u91cd(\u5047\u8a2d7%)\uff0c\u90197%\u5c31\u662f\u6a5f\u6703\u6210\u672c\uff0c\u53ef\u4ee5\u505a\u70ba\u6298\u73fe\u7387\u3002<\/span><\/li>\n<\/ul>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-discount-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u73fe\u7387\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p><strong>3. \u8981\u8003\u616e\u901a\u81a8\u5f71\u97ff<\/strong><\/p>\n<p>\u53ea\u8981\u662f\u8ca8\u5e63\uff0c\u5c31\u6703\u53d7\u5230<a href=/index.html"https:\/\/\/blog-post_17-8\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u901a\u8ca8\u81a8\u8139<\/a>\u5f71\u97ff\u3002<\/p>\n<p>\u5728\u8a08\u7b97\u6642\u6211\u5011\u7b97\u7684\u901a\u5e38\u662f\u7528<strong>\u540d\u76ee\u5229\u7387<\/strong>\u505a\u8a08\u7b97\uff0c\u4e5f\u5c31\u662f\u4e0d\u8003\u616e\u901a\u8ca8\u81a8\u8139\u7684\u5229\u7387(\u6298\u73fe\u7387)\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\u7b97\u51fa\u4f86\u5f8c\uff0c\u672a\u4f86100\u5143\u7684\u91d1\u9322\u8cfc\u8cb7\u529b\u4e5f\u4e0d\u6703\u7b49\u65bc\u4eca\u5929100\u5143\u7684\u8cfc\u8cb7\u529b\u3002<\/p>\n<p>\u5982\u679c\u8981\u8003\u616e\u5230\u8ca8\u5e63\u8cfc\u8cb7\u529b\uff0c\u8a08\u7b97\u6642\u8981\u628a\u4f7f\u7528\u7684\u5229\u7387\uff0c\u518d\u6263\u6389\u9810\u671f\u901a\u8ca8\u81a8\u8139\u6e1b\u640d\uff0c\u9019\u7a2e\u5229\u7387(\u6298\u73fe\u7387)\u7a31\u70ba<strong>\u5be6\u8cea\u5229\u7387<\/strong>\u3002<br \/>\n\u4f8b\u5982\u4f60\u539f\u672c\u9810\u671f\u540d\u76ee\u5229\u7387(\u6298\u73fe\u7387)5%\uff0c\u4f46\u5982\u679c\u60f3\u8003\u616e\u5230\u901a\u81a82%\uff0c\u5be6\u8cea\u5229\u7387\u5c31\u8981\u8abf\u6574\u6210 5% &#8211; 2% = 3%\u3002<br \/>\n\u6700\u7d42\u7528\u5be6\u8cea\u5229\u7387\u7b97\u51fa\u4f86\u7684\uff0c\u5c31\u6703\u662f\u8003\u616e\u8ddf\u7576\u4e0b\u8ca8\u5e63\u5be6\u8cea\u8cfc\u8cb7\u529b\u4e00\u6a23\u53ef\u6bd4\u8f03\u7684\u7d50\u679c\u3002<\/p>\n<p>\u4f46\u4e00\u822c\u8a08\u7b97\u6642\u4ecd\u662f\u7528<strong>\u540d\u76ee\u5229\u7387<\/strong>\u70ba\u4e3b\uff0c\u539f\u5247\u4e0a\u4e0d\u6703\u7528\u5be6\u8cea\u5229\u7387\u505a\u8a08\u7b97\uff0c<br \/>\n\u56e0\u70ba\u5982\u679c\u7528\u5be6\u8cea\u5229\u7387\u7b97\uff0c\u9019\u6703\u5c0e\u81f4\u7121\u6cd5\u8207\u5176\u5b83\u7684\u4e00\u4e9b\u6c92\u8003\u616e\u901a\u81a8\u7684\u6578\u5b57\u505a\u6bd4\u8f03\uff0c\u4e14\u7b97\u51fa\u4f86\u662f\u8cfc\u8cb7\u529b\uff0c\u4e5f\u4e0d\u662f\u771f\u6b63\u5f97\u5230\u7684\u91d1\u984d\u3002<\/p>\n<p><strong>4. \u4e00\u5207\u90fd\u662f\u5047\u8a2d\u8207\u4f30\u8a08<\/strong><\/p>\n<p>\u7121\u8ad6\u662f\u672a\u4f86\u7684\u73fe\u91d1\u6d41\uff0c\u6216\u8005\u6298\u73fe\u7387\uff0c\u90fd\u662f\u4e00\u7a2e\u4f30\u8a08\u548c\u731c\u6e2c\uff0c\u4e26\u975e\u7d55\u5c0d\u7cbe\u6e96\u7684\u8a08\u7b97\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u4f60\u53ef\u4ee5\u7b97\u51fa\u4e00\u500b\u50b5\u5238\u672a\u4f86\u5229\u606f\u73fe\u91d1\u6d41\u548c\u511f\u9084\u672c\u91d1\uff0c\u5c07\u5e74\u91d1\u548c\u7d42\u503c\u8f49\u63db\u70ba\u73fe\u503c\uff0c\u5982\u6b64\u4e00\u4f86\u53ef\u4ee5\u505a\u51fa\u4f30\u50f9\uff0c<br \/>\n\u554f\u984c\u662f\u4f60\u6c92\u6709\u8003\u616e\u9055\u7d04\u3001\u9322\u4ed8\u4e0d\u51fa\u4f86\u7684\u72c0\u6cc1\uff1f<\/p>\n<p>\u5e02\u5834\u5148\u751f\u5728\u9019\u88e1\u518d\u6b21\u63d0\u9192\uff0c\u4e0d\u8981\u5fd8\u8a18\u4f30\u8a08\u5c31\u53ea\u662f\u4f30\u8a08\u3002<\/p>\n<p>\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u6295\u8cc7\u6642\u9664\u4e86\u4f30\u50f9\u6cd5\uff0c\u9084\u8981\u8003\u616e<a href=/index.html"https:\/\/\/margin-of-safety-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5b89\u5168\u908a\u969b<\/a>\uff0c\u9019\u5c31\u662f\u70ba\u4e86\u932f\u8aa4\u800c\u9810\u7559\u7684\u7a7a\u9593\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/margin-of-safety-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u5b89\u5168\u908a\u969b\uff1f<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E3%80%81%E5%B9%B4%E9%87%91EXCEL%E8%A8%88%E7%AE%97%E5%B7%A5%E5%85%B7\"><\/span>\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1EXCEL\u8a08\u7b97\u5de5\u5177<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-size: 16px;\">\u5728\u505a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\u8a08\u7b97\u6642\uff0c\u4f60\u81f3\u5c11\u8981\u77e5\u9053\u73fe\u503c\u3001\u7d42\u503c\u7684\u8a08\u7b97\u516c\u5f0f\uff0c\u9019\u53ef\u4ee5\u5f88\u7c21\u55ae\u6309\u8a08\u7b97\u6a5f\u8a08\u7b97\u3002<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u5982\u679c\u662f\u5b78\u6821\u8003\u8a66\uff0c\u901a\u5e38\u6703\u7d66\u73fe\u503c\u56e0\u5b50\u3001\u7d42\u503c\u56e0\u5b50\u3001\u5e74\u91d1\u56e0\u5b50\u7684\u53c3\u6578\u8868\uff0c\u53ef\u4ee5\u67e5\u8868\u8a08\u7b97\u3002<br \/>\n(\u4f46\u5e02\u5834\u5148\u751f\u81ea\u5df1\u5b78\u6821\u7562\u696d\u5f8c\uff0c\u9084\u5f9e\u4f86\u90fd\u6c92\u67e5\u904e\u8868\uff0c\u9700\u8981\u6642\u90fd\u662f\u7528EXCEL\u7b97\u5c45\u591a\uff0c\u7528\u56e0\u5b50\u67e5\u8868\u7b97\u662f\u53e4\u6642\u5019\u5e38\u7528\u7684\u65b9\u5f0f)<\/span><\/p>\n<p><span style=\"font-size: 16px;\">\u8907\u96dc\u4e00\u9ede\u6d89\u53ca\u591a\u671f\u73fe\u91d1\u6d41\u3001\u5e74\u91d1\u7684\u60c5\u6cc1\uff0c\u901a\u5e38\u6703\u7528EXCEL\u505a\u8a08\u7b97\u6bd4\u8f03\u5feb\u3002<\/span><\/p>\n<p>\u9019\u88e1\u5206\u4eab\u4e00\u4efdEXCEL\uff0c\u6709\u9700\u8981\u7684\u53ef\u4ee5\u81ea\u884c\u4e0b\u8f09\u4f86\u904b\u7528\uff0c<br \/>\n\u88e1\u9762\u4e5f\u6709EXCEL\u516c\u5f0f\uff0c\u770b\u61c2\u516c\u5f0f\u548c\u53c3\u6578\u5019\u4f60\u5c31\u53ef\u4ee5\u81ea\u5df1\u505a\u8a31\u591a\u904b\u7b97\u3002<\/p>\n<p>EXCEL\u5167\u5efa\u6709\u5305\u542b\u73fe\u503cPV\u3001\u7d42\u503cFV\u3001\u5e74\u91d1PMT\u3001\u5229\u7387Rate\u3001\u671f\u6578nper\uff0c<br \/>\n\u57fa\u672c\u4e0a\u4f60\u53ea\u8981\u8f38\u5165\u5176\u4ed6\u5df2\u77e5\u7684\u8b8a\u6578\uff0c\u5c31\u80fd\u7b97\u51fa\u5269\u4e0b\u672a\u77e5\u7684\u9805\u76ee\u3002<\/p>\n<blockquote><p>\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1 \u8a08\u7b97EXCEL<br \/>\n\u4e0b\u8f09\uff1a<a href=/index.html"https:\/\/docs.google.com\/spreadsheets\/d\/1MGLnltFd1uWCUqX9E6tUXaGkuJVViwes\/edit?usp=sharing&amp;ouid=106591346185908801869&amp;rtpof=true&amp;sd=true\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1 EXCEL\u8a08\u7b97\u5de5\u5177 (\u96f2\u7aef\u786c\u789f\u9ede\u9078\u53f3\u4e0a\u89d2\u6709\u4e0b\u8f09\u6309\u9215)<\/a><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-25751\" src=/index.html"https:\/\/\/wp-content\/uploads\/20210921143012_69.jpg\" alt=\"PV\u73fe\u503c FV\u7d42\u503c PMT \u5e74\u91d1 EXCEL \u8a08\u7b97\" width=\"910\" height=\"421\" \/><\/p><\/blockquote>\n<p>EXCEL\u548c\u6211\u5011\u4e00\u822c\u8a08\u7b97\u6700\u5927\u7684\u5dee\u7570\u5728\u65bc\uff0c\u6d41\u51fa\u7684\u8cc7\u91d1\u4f60\u8981\u8f38\u5165\u8ca0\u503c(\u6bd4\u65b9\u8aaa\u6bcf\u671f\u652f\u4ed8\u6b3e\u9805)\uff0c\u6d41\u5165\u7684\u8cc7\u91d1\u5247\u662f\u6b63\u503c(\u6bd4\u65b9\u6536\u56de\u7684\u91d1\u984d)\u3002<\/p>\n<p>\u7576\u7136\uff0c\u6709\u6642\u5019\u5e74\u91d1\u6703\u5f88\u8907\u96dc\uff0c\u5404\u7a2e\u91d1\u6d41\u6bcf\u671f\u50f9\u503c\u4e0d\u7b49\uff0c\u9700\u8981\u81ea\u884c\u8a08\u7b97\u52a0\u7e3d\u8d77\u4f86\uff0c\u9019\u985e\u578b\u7684\u72c0\u6cc1\u4e26\u6c92\u8fa6\u6cd5\u5957\u7528\u73fe\u6210\u7684\u516c\u5f0f\uff0c<br \/>\n\u9019\u6642\u5019\u5c31\u53ea\u80fd\u4e00\u671f\u4e00\u671f\u7b97\uff0c\u7576\u7136\u5982\u679c\u4f60\u6703\u5bebEXCEL\u516c\u5f0f\u5728\u8a08\u7b97\u4e0a\u5c31\u6703\u8f15\u9b06\u8a31\u591a\uff0c\u5176\u5be6\u4e5f\u5c31\u662f\u52a0\u6e1b\u4e58\u9664\uff0c\u4e0d\u904e\u9019\u500b\u5c31\u6c92\u8fa6\u6cd5\u63d0\u4f9b\u7bc4\u4f8b\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%8F%BE%E5%80%BC%E3%80%81%E7%B5%82%E5%80%BC%E3%80%81%E5%B9%B4%E9%87%91%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u73fe\u503c\u662f\u672a\u4f86\u7684\u6240\u6709\u73fe\u91d1\u6d41\uff0c\u50f9\u503c\u7b49\u65bc\u4eca\u5929\u591a\u5c11\u9322\uff1f<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u4eca\u5929\u7684100\u5143\u6703\u6bd4\u672a\u4f86\u7684100\u5143\u66f4\u503c\u9322\uff0c\u9019\u5dee\u7570\u4f86\u81ea\u65bc\u5229\u7387\u8207\u6642\u9593\uff0c\u5229\u7387\u5728\u8a08\u7b97\u6642\u4e5f\u7a31\u70ba\u6298\u73fe\u7387\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7d42\u503c\u662f\u904e\u53bb\u7684\u6240\u6709\u73fe\u91d1\u6d41\uff0c\u5728\u672a\u4f86\u67d0\u4e00\u671f\u7b49\u65bc\u591a\u5c11\u9322\uff1f<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e74\u91d1\u662f\u6bcf\u9694\u76f8\u540c\u7684\u6642\u9593\uff0c\u6536\u5230\u6216\u4ed8\u51fa\u4e00\u7b46\u56fa\u5b9a\u91d1\u984d\u7684\u9322\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e74\u91d1\u8a08\u7b97\u6709\u666e\u901a\u5e74\u91d1\u3001\u671f\u521d\u5e74\u91d1\u7684\u5206\u5225\uff0c\u82e5\u5b9a\u671f\u652f\u51fa\u3001\u6536\u5165\u767c\u751f\u65bc\u6bcf\u671f\u7684\u671f\u672b\uff0c\u7a31\u70ba\u666e\u901a\u5e74\u91d1\uff1b\u82e5\u5b9a\u671f\u652f\u51fa\u3001\u6536\u5165\u767c\u751f\u65bc\u671f\u521d\uff0c\u7a31\u70ba\u671f\u521d\u5e74\u91d1\u3002<br \/>\n\u4e00\u822c\u9664\u975e\u6709\u7279\u5225\u8aaa\u660e\uff0c\u5426\u5247\u5747\u6307\u666e\u901a\u5e74\u91d1\u3002\u8a08\u7b97\u6642\u8981\u6ce8\u610f\u5e74\u91d1\u767c\u751f\u5728\u54ea\u4e00\u671f\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u5fc3\u5f97\uff1a\u6574\u7406\u9019\u7bc7\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\uff0c\u662f\u56e0\u70ba\uff0c\u6700\u8fd1\u958b\u59cb\u5beb\u5230\u8a31\u591a\u6d89\u53ca\u91d1\u878d\u8a08\u7b97\u7684\u6587\u7ae0\uff0c\u90fd\u6703\u7528\u5230\u9019\u4e9b\u57fa\u790e\u7684\u8a08\u7b97\u6982\u5ff5\uff0c<br \/>\n\u5148\u5beb\u597d\u4e00\u7bc7\uff0c\u4ee5\u5f8c\u624d\u4e0d\u7528\u6bcf\u4e00\u7bc7\u6587\u7ae0\u90fd\u8981\u82b1\u5f88\u591a\u529b\u6c23\u89e3\u91cb\u3002<\/p>\n<p>\u6211\u81ea\u5df1\u5b78\u5230\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\u3001\u6298\u73fe\u7b49\u89c0\u5ff5\u662f\u8a31\u591a\u5e74\u524d\u5728\u5927\u5b78\u7684\u6642\u5019\uff0c<br \/>\n\u7b2c\u4e00\u6b21\u5b78\u7fd2\u7684\u6642\u5019\u88e1\u9762\u5176\u5be6\u300c\u7d42\u503c\u300d\u6700\u76f4\u89ba\uff0c\u800c\u300c\u73fe\u503c\u300d\u76f8\u5c0d\u6bd4\u8f03\u4e0d\u76f4\u89ba\u3001\u8f03\u62bd\u8c61\uff0c<br \/>\n\u800c\u5e74\u91d1\u5927\u591a\u90fd\u662f\u8a08\u7b97\u6642\u4f7f\u7528\uff0c\u771f\u5be6\u4e16\u754c\u7528\u5230\u5e74\u91d1\u7684\u60c5\u6cc1\u5176\u5be6\u4e0d\u591a\uff0c\u56e0\u70ba\u8a31\u591a\u6bcf\u5e74\u80fd\u62ff\u5230\u7684\u73fe\u91d1\u6d41\uff0c\u6bcf\u671f\u7684\u9322\u53ef\u80fd\u4e26\u4e0d\u76f8\u7b49\uff0c\u7c21\u5316\u7684\u516c\u5f0f\u5be6\u969b\u904b\u7528\u5834\u666f\u5f88\u6709\u9650\u3002<\/p>\n<p>\u4f46\u5982\u679c\u4f60\u80fd\u641e\u61c2\u73fe\u503c\u3001\u7d42\u503c\u3001\u5e74\u91d1\uff0c\u76f8\u4fe1\u4f60\u5c0d\u91d1\u878d\u5e02\u5834\u6240\u8b02\u7684\u91d1\u9322\u6642\u9593\u50f9\u503c\u95dc\u4fc2\uff0c\u5c31\u6703\u6709\u66f4\u5b8c\u6574\u7684\u9ad4\u6703\u3002<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>\u4e0b\u4e00\u7bc7\uff1a<a href=/index.html"https:\/\/\/what-is-discount-rate\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6298\u73fe\u7387\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n\n<p>\u66f4\u591a\u6295\u8cc7\u5165\u9580\u5b78\u7fd2\uff1a<\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/learn-etf-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">ETF\u6295\u8cc7\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/learn-fund-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u6295\u8cc7\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/blog-pos-14\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7406\u8ca1\u7b2c\u4e00\u5802\u8ab2\uff1a\u8a8d\u8b58\u73fe\u91d1\u6d41<\/a><\/p>\n<p>4.\u00a0\u00a0<a href=/index.html"https:\/\/\/blog-page_30\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6211\u7684\u6295\u8cc7\u7406\u8ca1\u66f8\u55ae\u5206\u4eab<\/a><\/p>\n<p>5.\u00a0<a href=/index.html"https:\/\/\/etf-class-yotta\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1ETF\u7dda\u4e0a\u8ab2\u7a0b<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" 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