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红豆生南国 · 2019年11月01日

问一道题:NO.PZ2015120604000013 [ 2020.06 CFA I ]

问题如下图:

选项:

A.

B.

C.

解释:

不理解题目,请帮忙解释一下
1 个答案

星星_品职助教 · 2019年11月01日

同学你好,

这道题的意思是 你可以收到一笔年金,每年付你2000,连续付20年。但第一笔2000不是立刻就收到,而是要等到第13年末才能收到。当市场利率为7%时,求这种付款模式下的年金在现在的现值是多少。可以自己先算一下,然后附解析如下:

这道题是一个两步折现的过程。先折现一个20期的年金,再折现一个12期的single payment(FV)。由于第一笔payment是在N=13收到,此后连续收20年,所以计算年金这步折现的N=20,得到PV=-21188.03,但是这个PV是要折现到N=12时间点的。

然后第二步就变成了一个单一现金流从N=12折现到N=0的过程,这一步的N就是12,而不再是20了。得到0时刻的PV为9407.7。加油


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