NO.PZ2022123001000007
问题如下：
A financial contract offers to pay €1,200 per month for five years with the first payment madeimmediately. Assuming an annual discount rate of 6.5%, compounded monthly the presentvalue of the contract is closest to:
选项：
A.€61,663. B.€63,731. C.€61,330.解释：
Using a financial calculator: N = 60; the discount rate, I/Y = (6.5%/12) = 0.54166667; PMT =€1,200; Future value = €0; Mode = Begin; Calculate present value (PV): PV = €61,662.62.
Alternatively: Treat the stream as an ordinary annuity of 59 periods and add the current value of€1,200 to the derived answer. Using a financial calculator: N = 59; the discount rate, I/Y =(6.5%/12) = 0.54166667; PMT = €1,200; Future value = €0; Mode = End; Calculate PV: PV =€60,462.62; Total PV = €1,200 + €60,462.62 = €61,662.62.
Using a financial calculator: N = 60; the discount rate, I/Y = (6.5%/12) = 0.54166667; PMT =€1,200; Future value = €0; Mode = Begin; Calculate present value (PV): PV = €61,662.62.
