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要紧雅冠 · 2023年05月06日

第二步折现N的取值问题

  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.

老师，我实在绕不过来，很笨地画了一个图，如图，在第13年底收到第一笔2000，往后收20次。

第一步折现到PV13，我没有问题，第二步折现到0时刻，这个箭头怎么数都是13个啊，所以我觉得N应该是13


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1 个答案

星星_品职助教 · 2023年05月07日

同学你好，

普通年金的首笔PMT发生在第1期期末，折现时需要折到第0期。

本题首笔PMT发生在第13期期末，折现时就要折到12时点。

所以，第二步折现回0时刻就是需要再折12期。

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