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YaYa · 2019年11月03日

问一道题:NO.PZ2017092702000019 [ CFA I ]

问题如下图:

选项:

A.

B.

C.

解释:

计算的结果22885和答案22890差的有点远。有原因么?

1 个答案

星星_品职助教 · 2019年11月03日

同学你好,

这种情况是过程中四舍五入造成的,例如把4.9“舍”了,但把5.1“入”了,就会造成有一定偏离的这种情况。练习题中很多题目都或多或少的有偏离,只需要掌握知识点即可,考试的时候给的选项往往不会差很多的,加油。

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NO.PZ2017092702000019问题如下A client invests €20,000 in a four-yecertificate of posit (C thannually pays interest of 3.5%. The annuinterest payments are automatically reinvestein a separate savings account a stateannuinterest rate of 2% compounmonthly. maturity, the value of the combineasset is closest to:A.€21,670.B.€22,890.C.€22,950. B is correct, the following cash flows show:The four annuinterest payments are baseon the Cs 3.5% annurate. The first payment grows 2.0% compounmonthly for three years (where FV is future value): FVN = €700(1 +0.02/12 )3×12 FVN = 743.25 The seconpayment grows 2.0% compounmonthly for two years: FVN = €700(1 +0.02/12 )2×12 FVN = 728.54 The thirpayment grows 2.0% compounmonthly for one year: FVN = €700(1 +0.02/12 )1×12 FVN=714.13The fourth payment is paithe enof Ye4. Its future value is €700. The sum of all future value payments is follows:根据EAR的公式(1+2%/12)^12=1+EAR,得到EAR=2.0184%。然后1. 首先按照年金的方式来计算利息再投资的终值N=4,I/Y=2.0184,PV=0,PMT=700,CPT FV=-2885.9208;其中700是20,000每年按照3.5%产生的利息,I/Y是转化的EAR,因为利息(PMT)的频率也是一年一付的。2. 然后把期初的这20,000再加回去,得到22,885.92。(和B有写出入是因为四舍五入的问题,但不影响选出答案) 老师,2/12这个不是把月计的利率转成年计吗,和E的区别在哪?谢谢

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NO.PZ2017092702000019 问题如下 A client invests €20,000 in a four-yecertificate of posit (C thannually pays interest of 3.5%. The annuinterest payments are automatically reinvestein a separate savings account a stateannuinterest rate of 2% compounmonthly. maturity, the value of the combineasset is closest to: A.€21,670. B.€22,890. C.€22,950. B is correct, the following cash flows show:The four annuinterest payments are baseon the Cs 3.5% annurate. The first payment grows 2.0% compounmonthly for three years (where FV is future value): FVN = €700(1 +0.02/12 )3×12 FVN = 743.25 The seconpayment grows 2.0% compounmonthly for two years: FVN = €700(1 +0.02/12 )2×12 FVN = 728.54 The thirpayment grows 2.0% compounmonthly for one year: FVN = €700(1 +0.02/12 )1×12 FVN=714.13The fourth payment is paithe enof Ye4. Its future value is €700. The sum of all future value payments is follows:根据EAR的公式(1+2%/12)^12=1+EAR,得到EAR=2.0184%。然后1. 首先按照年金的方式来计算利息再投资的终值N=4,I/Y=2.0184,PV=0,PMT=700,CPT FV=-2885.9208;其中700是20,000每年按照3.5%产生的利息,I/Y是转化的EAR,因为利息(PMT)的频率也是一年一付的。2. 然后把期初的这20,000再加回去,得到22,885.92。(和B有写出入是因为四舍五入的问题,但不影响选出答案) 这道题第一年的利息是700, 第二年的不应该是20700*0.035 = 724.5吗?这样的话,每一年的PMT就不是固定的700了。这个地方没太搞懂,希望老师解析一下,谢谢

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