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六粒橙 · 2018年04月10日

问一道题：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative

问题如下图：

选项：

A.

B.

C.

解释：

请问在PV=FV(1+r)-N公式中的FV的数值为什么和上面算出来的PV数值相等？

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源_品职助教 · 2018年04月11日

因为在运用永续年金计算的PV，就默认了计算出的PV的时间点，是在第一笔现金流的前一期。本题就是第五期的前一期第四期。

六粒橙 · 2018年04月12日

谢谢

源_品职助教 · 2018年04月12日

不客气。

源_品职助教 · 2018年04月10日

因为第一步计算出来的PV133.33是在T=4时刻的现值。但是相对于T=0时刻（题目求得是当前时刻的现值），它就是终值。所以两者相等。

六粒橙 · 2018年04月10日

为啥是T=4呀。题目中间不是说on five quarters吗。。

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