Capital needs are determined as the present value of an annuity due: growth rate = 3.5%, discount rate = 6.0%. Growth of payments is incorporated by adjusting the discount rate to account for the growth rate of earnings. As long as the discount rate is larger than the growth rate, the adjusted rate i can be calculated as follows: [(1 + Discount rate)/(1 + Growth rate)] – 1, or i = (1.06/1.035) – 1 = 2.42%.
(Institute 457)
此题算应购买的寿险价值，其中涉及一个折现率是6%，增长率是3.5%，为什么要做如上调整呢？课后题视频说理解为名义的和real的，但这也不太对，如果这样理解那么似乎是real的，就不能和其他数据直接加减了，如何理解呢？
