Time value of money

The time value of money is the greater benefit of receiving money now rather than an identical sum later. It is founded on time preference; the time value of money explains why interest is paid or earned: interest, whether it is on a bank deposit or debt, compensates the depositor or lender for the time value of money. It underlies investment. Investors are willing to forgo spending their money now only if they expect a favorable return on their investment in the future, such that the increased value to be available is sufficiently high to offset the preference to have money now; the Talmud recognizes the time value of money. In Tractate Makkos page 3a the Talmud discusses a case where witnesses falsely claimed that the term of a loan was 30 days when it was 10 years; the false witnesses must pay the difference of the value of the loan "in a situation where he would be required to give the money back thirty days... and that same sum in a situation where he would be required to give the money back 10 years...

The difference is the sum. The notion was described by Martín de Azpilcueta of the School of Salamanca. Time value of money problems involve the net value of cash flows at different points in time. In a typical case, the variables might be: a balance, a periodic rate of interest, the number of periods, a series of cash flows. More the cash flows may not be periodic but may be specified individually. Any of these variables may be the independent variable in a given problem. For example, one may know that: the interest is 0.5% per period. The unknown variable may be the monthly payment. For example, £ 100 invested; that is, £100 invested for one year at 5% interest has a future value of £105 under the assumption that inflation would be zero percent. This principle allows for the valuation of a stream of income in the future, in such a way that annual incomes are discounted and added together, thus providing a lump-sum "present value" of the entire income stream. For example, the future value sum F V to be received in one year is discounted at the rate of interest r to give the present value sum P V: P V = F V Some standard calculations based on the time value of money are: Present value: The current worth of a future sum of money or stream of cash flows, given a specified rate of return.

Future cash flows are "discounted" at the discount rate. Determining the appropriate discount rate is the key to valuing future cash flows properly, whether they be earnings or obligations. Present value of an annuity: An annuity is a series of equal payments or receipts that occur at evenly spaced intervals. Leases and rental payments are examples; the payments or receipts occur at the end of each period for an ordinary annuity while they occur at the beginning of each period for an annuity due. Present value of a perpetuity is an constant stream of identical cash flows. Future value: The value of an asset or cash at a specified date in the future, based on the value of that asset in the present. Future value of an annuity: The future value of a stream of payments, assuming the payments are invested at a given rate of interest. There are several basic equations; the solutions may be found using a financial calculator or a spreadsheet. The formulas are programmed into several spreadsheet functions.

For any of the equations below, the formula may be rearranged to determine one of the other unknowns. In the case of the standard annuity formula, there is no closed-form algebraic solution for the interest rate; these equations are combined for particular uses. For example, bonds can be priced using these equations. A typical coupon bond is composed of two types of payments: a stream of coupon payments similar to an annuity, a lump-sum return of capital at the end of the bond's maturity—that is, a future payment; the two formulas can be combined to determine the present value of the bond. An important note is. For an annuity that makes one payment per year, i will be the annual interest rate. F

Alexandre do Nascimento

Alexandre do Nascimento is an Angolan Cardinal of the Catholic Church. He served as Archbishop of Luanda from 1986 to 2001 and was made a cardinal in 1983. Born in Malanje, do Nascimento studied at the seminaries in Banglas and Luanda before traveling to Rome in 1948 to study at the Pontifical Gregorian University, from where he obtained his baccalaureate in philosophy and his licentiate in theology, he was ordained to the priesthood by Archbishop Luigi Traglia on 20 December 1952, taught dogmatic theology at the Luanda seminary and served as chief editor of the Catholic newspaper O apostolado until 1956, whence he became preacher of the metropolitan cathedral. In 1961, with the outbreak of the War of Independence, Nascimento was forced to enter exile in Lisbon. Whilst in Portugal, he did pastoral work, served as a counselor to the Movement of Teams of Our Lady, studied civil law at the Classical University. Upon returning to Angola in 1971, he taught moral theology at the Pius XII Institute of Social Sciences, served as an official of the archdiocesan curia of Lubango, secretary general of the Angolan Cáritas, special assistant to students and former political prisoners.

On 10 August 1975, Nascimento was appointed the fourth bishop of Malanje by Pope Paul VI. He received his episcopal consecration on the following 31 August from Archbishop Giovanni De Andrea, with Archbishops Manuel Nunes Gabriel and Eduardo Muaca serving as co-consecrators. Nascimento was Vice-President of the Angolan Episcopal Conference from 1975 to 1981, was named the third Archbishop of Lubango on 3 February 1977. Archbishop do Nascimento was kidnapped by guerrillas during a pastoral visit on 15 October 1982. John Paul II created him Cardinal-Priest of S. Marco in Agro Laurentino in the consistory of 2 February 1983, he preached the Lenten spiritual exercises for the Pope and members of the Roman Curia in 1984. He was appointed the thirty-fourth Archbishop of Luanda on 16 February 1986 and resigned this post on 23 January 2001. Nascimento was unable to participate in the 2005 papal conclave because he had just turned 80. "do Nascimento Card. Alexandre". Holy See Press Office. Archived from the original on 4 September 2017.

Retrieved 24 October 2017. Cardinals of the Holy Roman Church Catholic-Hierarchy Catholic-Pages

List of accolades received by Vikram Vedha

Vikram Vedha is a 2017 Indian Tamil-language neo-noir action thriller film directed and written by the husband and wife duo Pushkar and Gayathri and produced by S. Sashikanth under the banner of Y NOT Studios. R. Madhavan and Vijay Sethupathi play Vedha respectively. Shraddha Srinath and Varalaxmi Sarathkumar play the other lead roles while Prem, Achyuth Kumar, Hareesh Peradi and Vivek Prasanna feature as supporting characters. Sam C. S. composed the film's score. Richard Kevin and P. S. Vinod was in charge of the cinematography respectively. A contemporary adaptation of the Indian folktale Baital Pachisi, the film follows Vikram, a police inspector, decisive about good and evil, the head of an encounter unit, formed to track down and kill Vedha, a gangster; when the unit makes plans for another encounter, Vedha walks into the police station and voluntarily surrenders himself. He tells Vikram three stories which bring about a change in the latter's perceptions of right and wrong. Produced on a budget of ₹110 million, Vikram Vedha was released on 21 July 2017 and received positive reviews.

It was commercially successful, grossing ₹600 million worldwide. The film won 19 awards from 46 nominations. Vikram Vedha received seven nominations at the 65th Filmfare Awards South, including those for Best Film, Best Actor and Best Supporting Actress, it won in four categories – Best Director, Best Actor, Best Male Playback Singer and Critics Award for Best Actor – South. At the 10th Vijay Awards, it received fifteen nominations and won four, Best Director, Best Screenplay Writer, Best Actor and Best Background Score. Vikram Vedha received ten nominations at the 7th South Indian International Movie Awards ceremony and won two awards, which were Best Director for Pushkar–Gayathri and Best Actor for Madhavan. Among other wins, the film received four Norway Tamil Film Festival Awards, three Ananda Vikatan Cinema Awards, two Techofes Awards and an Edison Award. List of Tamil films of 2017 Accolades for Vikram Vedha at the Internet Movie Database