NO.PZ201704060100000302
问题如下：
Based on the given assumptions and the data in Exhibit 1, the additional amount of life insurance coverage needed is closest to:
选项：
A.
A$0.
B.
A$331,267.
C.
A$2,078,101.
解释：
B is correct.
The additional amount of life insurance coverage needed is calculated as the di₤erence between the family’s total financial needs and total capital available. Total financial needs are calculated as follows.
Capital needs are determined as the present value of an annuity due: growth rate = 3.5%, discount rate = 6.0%. Growth of payments is incorporated by adjusting the discount rate to account for the growth rate of earnings. As long as the discount rate is larger than the growth rate, the adjusted rate i can be calculated as follows: [(1 + Discount rate)/(1 + Growth rate)] – 1, or i = (1.06/1.035) – 1 = 2.42%.
Expense用BGN模式计算还可以理解，但是工资收入的PV，按正常理解应该是END模式。但答案这里都用了BGN模式，实际考试的时候，类似计算Cash needs的题目，是不是都用BGN模式就好了？有没有出现过需要分别END/BGN来测算现金流的习题或真题？
