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ciaoyy · 2017年12月18日

问一道题:NO.PZ2017092702000014 [ CFA I ]

问题如下图:

    

选项:

A.

B.

C.

解释:


1. 题目中的 in 18 years指的是18年年末还是年初呢?我认为指的是年末,即从0开始的刻度线,过了18年,对应的应该是18刻度线。

2. 大学每年年初付学费,为什么是annuity due呢?

3. 算1st PMT的PV时,为什么N=17,不等于18?题目不是问‘today‘s deposit’吗?从18刻度线到0刻度线,应该折现了18次才对(annuity due)?

按照上述疑问重做题目,发现答案一致:

1.求18年初PV。 BEG: N=4, PMT=-50K, I/Y=6, FV=0

2.求0时刻1st PMT的PV。BEG: N=18, PMT=0, I/Y=6, FV=上面的pv

是巧合吗?

1 个答案
已采纳答案

源_品职助教 · 2017年12月19日


annuity due就是先付年金,这类年金的现金流都发生在年初。学费也是发生在每年年初,所以就是annuity due

第一笔现金流应该是发生在18年的年初,所以第一步算PV时刻,就是发生在18年的年初或者17年的年末。

第二部的N的录入数据关键需要看计算器处于哪种模式下,如果在先付年金模式下,N=18,如果在后付年金模式下,N=17。






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2023-09-23 20:31 1 · 回答

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2023-09-19 22:24 1 · 回答

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2023-05-21 17:37 1 · 回答