3-4 composite cash flow

 COMPOSITE CASH FLOW

Although many financial decisions do involve constant or systematic changes in cash flows, others contain several components of cash flows that do not exhibit an overall pattern. Consequently, it is necessary to expand our analysis to deal with these mixed types of cash flows. Also, note that in some instances we may want to find the equivalent value of a stream of payments at some point other than the present year zero. In this situation, we proceed as before, but compound and discount to some other point in time say, year 2, rather than year zero.

虽然许多财务决策确实涉及现金流的持续或系统变化，但其他决策包含现金流的几个组成部分，没有表现出总体模式。因此，有必要扩大我们的分析来处理这些混合类型的现金流。此外，请注意，在某些情况下，我们可能希望在本年度(零)以外的某些时刻找到某一付款流的等值价值。在这种情况下，我们像以前一样继续进行，但是复合和折扣到其他的时间点，比如说，第2年，而不是第0年。

If you make four $100 annual deposits in your savings account, which earns 10% annual interest, what equal annual amount can be withdrawn over four subsequent years? This is basically a savings plan where an individual makes a series of $100 deposits over four years, and then starts to withdraw money from this savings account.

将100 作为年金，年金折现，期数四期，5-8年的两次折现，分别是4期年金折现和4期的一次款项折现。而后使两者相等就可以求出5-8年的年金。

WHAT  value of A would make the two cash flow transactions equivalent at an interest rate of 10%. 连续4期收付100元，相当于5-8期收付多少等额款项？

处理方法，1-4期求年金终值，5-8期求年金的现值。两者相等即可。