- CFA Exams
- 2023 Level I
- Topic 1. Quantitative Methods
- Learning Module 1. The Time Value of Money

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##### Learning Outcome Statements PDF Download

1. The Time Value of Money and Interest Ratesinterpret interest rates as required rates of return, discount rates, or opportunity costs;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. The Future Value and Present Value of a Series of Equal Cash Flows (Ordinary Annuities, Annuity Dues, and Perpetuities)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; | |

3. The Future Value and Present Value of a Series of Uneven Cash Flowscalculate 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; | |

4. The Cash Flow Additivity Principledemonstrate the use of a time line in modeling and solving time value of money problems. | |

5. The Future Value and Present Value of a Single Cash Flowcalculate the solution for time value of money problems with different frequencies of compounding; | |

6. Calculate the Effective Annual Ratecalculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding; |

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