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tongmopwt · 2019年10月15日

问一道题：NO.PZ2018062016000012

  1. CFA I
  2. Quantitative

问题如下图：

    

选项：

A.

B.

C.

解释：


请问老师，这道题为什么不用EAR来计算呢，或者什么时候需要先算EAR，什么时候不需要啊

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星星_品职助教 · 2019年10月15日

同学你好，

这道题的核心考点是永续年金的计算，永续年金的计算和一般的复利形式不大一样，公式为PV=A/r，其中关键点就在于r是期间利率的概念，而不是EAR的概念。同样，A也是期间现金流的概念。

所以这道题用的r就直接是季度利率，r=5%/4，不需要再转化为EAR计算了。

对于永续年金的计算可以再看看巩固，理解和一般年金的不同。加油

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