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未看花时 · 2019年11月26日

问一道题：NO.PZ2015120604000013

  1. CFA I
  2. Quantitative

问题如下：

An annuity of $2,000 per year will be received for twenty years. The first payment is to be received at the end of thirteenth years. Assume the  discount rate is 7% over next years, calculate the today's present value of the annuity

选项：

A.

$8,792.

B.

$9,408.

C.

$10,066.

解释：

B is correct.

  1. Calculate the  PV of annuity at the end of the twelfth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT  PV = 21,188.03. ;
  2. Calculate the  PV today: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT  PV = 9,407.74.

虽然做对了，但是我的解题过程是第13年末有第一笔现金流，即第14年的年初开始20年，每年2000元，计算机调整到BGN模式算出第13年末PV,然后往前折13个1.07，这个思路可以吗？

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1 个答案

星星_品职助教 · 2019年11月26日

同学你好，

这个思路没问题。答案解析里是后付年金的模式，所以年金现值折现到了12时刻。先付年金的话就相当于折现到13时刻。调整模式的时候注意别按错了就好。加油~

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