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🌅 🌅多吉旺珍🌞🌞 · 2020年07月20日

问一道题：NO.PZ2018062016000010

  1. CFA I
  2. Quantitative

问题如下：

Mary has a separate account for her annual savings which has a stated annual rate of 3% and compounding quarterly. At the end of each year, she transfers unequal cash flows into this account. Year 1: $500, Year 2: $800, Year 4: $300, Year 5: $500. How much will Mary save for her account at the end of year 5?

选项：

A.

$2246.81

B.

$2247.65

C.

$2281.00

解释：

B is correct.

CF0=0，CF1=500，CF2=800，CF3=0，CF4=300，CF5=500，I=3.03，CPT NPV=1935.84，然后复利到第五年即为2247.65

但这道题不需要这么做，因为要求的是FV，而不是（N）PV，按照答案解析的方法做就可以。

提问：为什么I是3.03

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3 个答案

星星_品职助教 · 2020年11月07日

@柿子妈 

factor为复利因子，是计算FV中的一个步骤。图中cash flow列×factor列即可得到Future Value列。

这个factor自己计算的时候不需要专门写出来，直接算FV就可以。

柿子妈 · 2020年11月07日

这道题答案里的factor列出来的是啥意思？

星星_品职助教 · 2020年07月21日

同学你好，

现金流的期限和利率的期限需要匹配， 如果用这种现金流的模式，相当于逐年流入，那么利率就也需要是年利率。所以就需要将题干中给出的stated annual rate转化为年利率即EAR的形式，（1+3%/4）^4-1=3.03%

但这种求NPV的算法并不是最佳方法，不需要过于关注。

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