来自《耶鲁大学开放课程：金融理论 第8集 第8集》

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  what is the coupon reduction, the expenditure reduction every
  息票应该减少多少
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  year at 5 percent interest that just makes a present value
  使开销以每年5%的利率递减
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  decline of 772 million?
  将现值减低到了七亿七千二百万
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  Well, it's 5 percent of the principal.
  校长认为是5%
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  If you have 772 million in the bank and every year 5 percent of
  如果你存了七亿七千两百万在银行
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  that you throw away, you've thrown away the whole
  每年要损失5% 这相当于
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  value, at 5 percent interest,
  你以5%的利率
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  of the 772 million.
  抛弃了七亿七千两百万美金
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  So by reducing your expenditures by 5 percent every
  通过每年减少5%的开销
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  year you defray the 772 million dollar loss.
  你支出了七亿七千两百万美元的损失
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  So the critical thing, the critical mistake that the
  管理层犯的最重要的错误就是
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  administration made is they had a short run problem with a bunch
  他们遇到了用短期的运营成本