Asset Markets - 經濟

※ 引述《Expsun (無限燃燒)》之銘言：
: 1.Vincent Smudge's Paintings are unappreciated now. Nobody is willing to pay
: anything to have them on the walls. In 5 years Smudgee's work will gain
: enduring popularity. People will suddenly be willing to pay ＄1000 a year
: to have an original Smudge on their walls and will continue to be willing
: to do so ever after. If investors realize that this is the case and if the
: interest rate is and always will be r, a painting by smudge will currently
: be worth about

: a. (1000/r)[1/(1+r)^4]

站在5年後的角度看，當年可以拿1000，以後每一年都可以拿1000
所以"現值"是1000*(1+r)/r
但這個"現值"其實是站在5年後來看的
真正的現值還要再乘以 1/(1+r)^5
所以就是(1000/r){1/(1+r)^4}

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