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🐚 · 2022年06月21日

老师请问第二步骤的N

  1. CFA I
  2. Quantitative

NO.PZ2015120604000013

问题如下：

An annuity of $2,000 per year will be received for twenty years. The first payment is to be received at the end of thirteenth years. Assume the discount rate is 7% over next years, calculate the today's present value of the annuity

选项：

A.

$8,792.

B.

$9,408.

C.

$10,066.

解释：

B is correct.

  1. Calculate the PV of annuity at the end of the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ;
  2. Calculate the PV today: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74.

请问第二个步骤的N为什么等于13，不等于12

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1 个答案

星星_品职助教 · 2022年06月21日

同学你好，

1）第二个步骤的N等于12，不是13；

2）N=12的原因是题干提示首笔付款是在13时点付的（at the end of thirteenth years），所以此时第一步折现就要折现到12时点。以上原理同普通后付年金的现金流是从1时点开始的，但折现要折回0时点。


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