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Benny™ · 2022年10月29日

不太理解

  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.

题目中at the end of thirteenth years这句话会影响到第二次折现是12还是13吗？如果没有影响这句话是不是没有用的？

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1 个答案

星星_品职助教 · 2022年10月29日

同学你好，

at the end of thirteenth years和at the beginning of thirteenth years所对应的现金流发生时点是不同的。前者说明首笔现金流发生在13时点，后者的首笔现金流发生在12时点。

对于本题而言，由于本题是普通的后付年金，所以当首笔现金流发生在13时点时，折现就要折到12时间点。不需要折现到13时间点。



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