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为了求职冲呀 · 2019年12月07日

问一道题：NO.PZ2018062016000014

  1. CFA I
  2. Quantitative

问题如下：

Tom has twin daughters Lucy and Lily at 12 years old. Six years later, both will study in a famous university in California for four years with a tuition fee of $6,000 paid at the beginning of each year per person. Assume the annual discount rate is 5%, today Tom should prepare:

选项：

A.

$16,670

B.

$33,340

C.

$31,753

解释：

B is correct. Six years later, Tom will pay tuition fee of $12,000 each year and last for 4 years, as he has two daughters. The payment is paid in the front, therefore set the calculator at BGN mode and input: N=4, I/Y=5%, PMT=12,000, FV=0, then PV=44678.98. The value of tuition fund at year 6 is $44,678.98, so the present value is $44,678.98/(1+5%)6=$33,340.

请问老师为什么12000在这里是pmt而不是fv呢？因为不是在6年后他需要准备第一笔现金流12000吗

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1 个答案

星星_品职助教 · 2019年12月07日

同学你好，

这里的12,000不是只有一次的现金流，而是连续四笔（每年年初都付一次）。如果把这四笔现金流都当做FV去考虑，相当于要分四年当成4个FV，然后算出4个PV再相加。比较麻烦。所以可以用（先付）年金的公式直接算出这四笔现金流的现值。只算一次就可以了，这种算法里等额，等间隔的这四笔现金流就是PMT的概念。

这一类题目如果想从FV的角度考察的话，会出成在这四年的期间都不付，只有在最后的一年才一次性付。然后算PV。加油~


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