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欢欢 · 2021年08月21日

我用的是后付方法算出同样答案

  1. CFA I
  2. Quantitative

NO.PZ2015120604000011

问题如下：

An investor purchased an annuity many years ago. The first payment of the annuity is to be received today. Assume the payment of the annuity is $5,000 constanly , the period the payment is 20 years. and the discount rate is 12%, calculate the today' value of the annuity:

选项：

A.

$37,347.

B.

$403,493.

C.

$41,829.

解释：

C is correct.

Under the BGN mode.

N = 20; PMT = -5,000; I/Y =12; FV = 0; CPT PV = 41,828.89.

应该是FV=0 PMT=5000 N=20 R=12 CPT PV（根据答案倒推） 然后把结果乘以1+r得出了正确答案

但我一开始的理解其实是PV=0 PMT=5000 N=20 R=12 CPT FV

因为虽然在这一时点上（即0时刻是PV）但是站在整个过去年金投资的角度来看这个时刻，不应该是求FV吗？（相当于有了之前的payment才有了此刻FV的回报）



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星星_品职助教 · 2021年08月23日

同学你好，

这道题题干问“calculate the today' s value of the annuity”，说明求的是PV。

但题目的条件也是可以去求FV的，就是你的那个思路，用BGN模式去按。

所以既然题干给的条件既可以求PV，也可以求FV，就要看题目怎么问。如果问的是“calculate the future value of the annuity”，或者“calculate the value of the annuity at the end of 20 years”就是求FV了。

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