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shuangzili · 2021年11月15日

n应该是13 不是12吧 我觉得选A

  1. CFA I
  2. Quantitative

NO.PZ2015120604000013

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 twentieth 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为什么12 我觉得是13，写着13年底啊，谢谢
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已采纳答案

星星_品职助教 · 2021年11月15日

同学你好，

首先来看正常的后付年金。现金流的时点是从1时点开始的，1,2,3,4，....以此增加。但在0时点是没有现金流的。

对于此后付年金进行折现时，是折现到0时点的，而非1时点。

本题相当于将“1时点”递延到了第13时点，首笔PMT从13时间点开始的后付年金折现也是折到第12时间点的。

所以第二步折现时，就需要从12时间点往回折12期，而非13期。



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