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59881291 · 2018年11月01日

问一道题：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative

问题如下图：

为什么n=4而不是=5

选项：

A.

B.

C.

解释：

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2 个答案

菲菲_品职助教 · 2018年11月02日

同学您好，这道题的意思是，有一个按季度付息的优先股从第五个季度开始以永续年金的形式按季付息，每个季度支付的利息为$2.00。按照永续年金的公式PV=A/r，已知A=2，r=6%/4（6%为年利率），可得PV4=$133.33（这个求得的PV实际上是第四个季度末的PV），所以我们想要求这个stock现在的价值，就要把这个PV4进行折现。根据折现公式，这里的FV就是刚刚所求得的PV4，对于这种题目，画图会比较容易理解：

luvsweeties · 2018年11月02日

画个图就清楚了，这题等于分两个step 1、算pv=A/r 2、pv折现 step1这里的pv是year1时候的pv，因为第一笔pmt是在第五个quarter时候pay的，所以用A/r算的pv就是第四个quarter（year1）时候的value！ step2里面，把quarter 4时候的value discount back，N按照四次计算囖

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