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Menta · 2021年01月09日

问一道题：NO.PZ2018062016000019

  1. CFA I
  2. Quantitative

问题如下：

Clark opens two bank accounts. Account 1 is compounded quarterly with stated annual rate of 3%, while Account 2 is compounded annually with annual interest rate of 2.5%. Clark put the principal of $30,000 to Account 2 and annual interest to Account 1 as long as he received. After three years, what is the difference between Clark’s current wealth planning and leaving all the money in Account 2?

选项：

A.

$13.50

B.

$12.24

C.

$16.12

解释：

B is correct.

Annual interest received from Account 2 is $30,000*2.5%=$750.

After three years, Clark’s current wealth planning:

Leave all the money in Account 2: $30,000*(1+2.5%)3=$32306.71

The difference is $32318.95-$32306.71=12.24

Account1的FV怎么用计算器算呢？可以帮我看一下哪里按错了么


PV=0

I/Y=0.75

N=12

PMT=750



FV=9380...

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3 个答案
已采纳答案

星星_品职助教 · 2021年01月18日

@Menta

同学你好，

N=12 & PMT=750这个列式相当于每个季度都付750，这和题目中的每年付750不符

可以考虑先将利率转化为年度利率（即EAR=3.034%），然后修改I/Y后重新进行计算，就没问题了。注意此时N也需要从原列式的12个“季度”转化为3“年”

PV=0；I/Y=3.034；N=3；PMT=750；CPT FV=-2,318.95。再加上account 2中原有的30,000，即得到32,318.95

Swan陈师雯 · 2021年03月30日

关于利率的转化，是看现金流产生的时限是吗？

星星_品职助教 · 2021年03月30日

@Swan陈师雯

I/Y & N & PMT三者的期限做到统一就可以。这是使用计算器的前提。

例如PMT是年度的，那么I/Y也得是（有效）年利率，N也得多少“年”。

星星_品职助教 · 2021年01月18日

@Baby 8 肖闲

同学你好，这里有一个笔误，应该是“N=12 & PMT=750这个列式相当于每个“季度”都付750，和题目中的每年付750不符”

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