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izzyli · 2020年05月04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.

N为何不是13？

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星星_品职助教 · 2020年05月07日

同学你好，

如果20笔现金流是在1,2.。。20时刻收到，那么求现值折现是折到0时刻而非1时刻。

同理，20笔现金流是在13,14...32时刻收到，则求现值是折现到12时刻而非13时刻

 

sarahjia · 2020年11月19日

你好老师，可以理解为从13开始到32每年给回我2000，我站在12来看想看一下所有钱折到12能一共给我多少，是这个意思不，谢谢

星星_品职助教 · 2020年11月19日

@sarahjia

是这个意思。这里面的12时间点就相当于正常折现时的0时间点。13时间点就相当于正常折现时的1时间点。

折现都是折现到0时间点的，没有折现到1时间点的。所以折现的第二步是折现到12而不是13。

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