Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 96

Let us assume that we wish to compute the present value or the future value of a series of cash flows, for a given interest rate. The first cash flow will arise after one period, and the last will arise after N periods. In such a situation, we can simply find the present value of each of the component cash flows and add up the terms in order to compute the present value of the entire series. The same holds true for computing the future value of a series of cash flows. Thus present values and future values are additive in nature.