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A perpetuity is an annuity that has no end, or a stream of cash payments that continues forever. There are few actual perpetuities in existence (the United Kingdom (UK) government has issued them in the past; these are known and still trade as consols). Real estate and preferred stock are among some types of investments that affect the results of a perpetuity, and prices can be established using techniques for valuing a perpetuity.〔http://www.investopedia.com/terms/p/perpetuity.asp〕 Perpetuities are but one of the time value of money methods for valuing financial assets. Perpetuities are a form of ordinary annuities. The concept is closely linked to terminal value and terminal growth rate in valuation. ==Detailed description== A perpetuity is an annuity in which the periodic payments begin on a fixed date and continue indefinitely. It is sometimes referred to as a perpetual annuity. Fixed coupon payments on permanently invested (irredeemable) sums of money are prime examples of perpetuities. Scholarships paid perpetually from an endowment fit the definition of perpetuity. The value of the perpetuity is finite because receipts that are anticipated far in the future have extremely low present value (present value of the future cash flows). Unlike a typical bond, because the principal is never repaid, there is no present value for the principal. Assuming that payments begin at the ''end'' of the current period, the price of a perpetuity is simply the coupon amount over the appropriate discount rate or yield, that is: : Where PV = Present Value of the Perpetuity, A = the Amount of the periodic payment, and r = yield, discount rate or interest rate. To give a numerical example, a 3% UK government War Loan will trade at 50 pence per pound in a yield environment of 6%, while at 3% yield it is trading at par. That is, if the face value of the Loan is £100 and the annual payment £3, the value of the Loan is £50 when market interest rates are 6%, and £100 when they are 3%. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「perpetuity」の詳細全文を読む スポンサード リンク
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