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书茜 · 2021年12月31日

用折现可以解答么？但为啥答案不一样呢？

  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.

求得第12年年末的现金价值为2188.03元，求0时刻，可否用折现的方法求得，PV=2188.03/(1+7%)*12=972.45，结果不同啊

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1 个答案

星星_品职助教 · 2021年12月31日

同学你好，

可以用折现的方法计算现值。这其实就是计算器第三排五个键的背后逻辑。

PMT=0的前提下，PV=FV / (1+i)^n；或者FV=PV ×（1+i）^n

列式中FV的值应为21,188.03，这样计算结果为9,407.7387。

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