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🌊Yuri🌊 · 2023年09月13日

问

  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.

$900/(5%/4)=$72,000这是个啥公式啊。 那永续年金不就相当于连续复利吗 不用e*r/4 吗

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1 个答案

星星_品职助教 · 2023年09月14日

同学你好，

1）公式为永续年金的公式： PV=A/r，其中A为每期固定的PMT，r为期间利率；

2）永续年金是每期的PMT固定，不等于连续复利。题干已说明为按季度计息（stated annual rate is 5% and compounded quarterly）

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