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Rachel Zhu · 2019年10月10日

问一道题：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative

问题如下图：

选项：

A.

B.

C.

解释：

老师，第一步不理解，永续年金应该是没有期限的，但题目说是第一季度红利是分五个季度发放，每次2美金，这种情况下还是用公式PV=A/r吗？

第二步，N=4，为什么？谢谢

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Rachel Zhu · 2019年10月10日

不用回答了，已经理解了，谢谢

1 个答案

星星_品职助教 · 2019年10月10日

同学你好，

这道题要注意英文的理解，“...makes..payment...in five quarters”的意思不是分5个季度发放（如果是这样，确实就不是永续年金了）。意思是：从第五个季度起开始发放永续年金。所以计算的A/r其实是N=4时刻永续年金的现值（即答案解析中求出的133.33$），所以要求0时刻的现值还需要再做第二步折现，从N=4折现到N=0，即答案中的133.33（1+0.015）^(-4)。

遇到这种不大好理解的英文，可以把这道题作为例题，多读几遍题干，就可以明确到底想说什么了，加油。

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