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a1132766866 · 2023年01月06日

永续年金的计算

  1. CFA I
  2. Quantitative

NO.PZ2018062016000012

问题如下：

David is going to retire in ABC company. The company has two retirement plans: Plan A is a one-time total retirement fund of $70,000, Plan B is a perpetuity of $900 at the end of each quarter that stated annual rate is 5% and compounded quarterly. Which plan should David choose?

选项：

A.

There is no difference

B.

Plan A

C.

Plan B

解释：

C is correct. The present value of Plan B is $900/(5%/4)=$72,000, which is larger than $70,000, the present value of Plan A. Therefore, David should choose Plan B.

永续年金是否不区分先付还是后付，所有的都是PV=A/r吧？

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已采纳答案

星星_品职助教 · 2023年01月07日

同学你好，

PV=A/r这个公式对应的是后付（永续）年金，即首笔付款在1时间点，PV值折到0时间点。

数量中的永续年金很少有先付的。如果是先付的情况，需要在上述的折现后，再加上一个0时点的A值。

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