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##### Learning Outcome Statements
 1. The Time Value of Money and Interest Ratesa. interpret interest rates as required rates of return, discount rates, or opportunity costs; b. explain an interest rate as the sum of a real risk-free rate and premiums that compensate investors for bearing distinct types of risk; 2. Calculate the Effective Annual Ratec. calculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding; 3. The Future Value and Present Value of a Single Cash Flowd. solve time value of money problems for different frequencies of compounding; 4. The Future Value and Present Value of a Series of Equal Cash Flows (Ordinary Annuities, Annuity Dues, and Perpetuities)e. calculate and interpret the future value (FV) and present value (PV) of a single sum of money, an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows; 5. The Future Value and Present Value of a Series of Uneven Cash Flowse. calculate and interpret the future value (FV) and present value (PV) of a single sum of money, an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows; 6. The Cash Flow Additivity Principlef. demonstrate the use of a time line in modeling and solving time value of money problems.
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