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runruncat · 2022年10月01日

No.PZ2015120604000170 (选择题)

  1. CFA I
  2. Quantitative

NO.PZ2015120604000170

问题如下：

A.J. plans to pay his child's tuition fee for four years starting 15 years from now. He estimates the fees is $22,000 per year. If the saving account interest rate is 5.5% annually, and how much payment A.J. should make at the end of each year from now?

选项：

A.

$3,441.23

B.

$3,800.07

C.

$4,009.08

解释：

B is correct.

Step 1: N = 4, FV = 0, I/Y = 5.5, PMT = 22,000, CPT PV = -77,113.30

Step 2: PV =0, N = 14, I/Y = 5.5, FV = 77,113.30, CPT PMT =-$3,800.07

我理解这一题应该是PMT=-22000, N=4, I/Y=5.5, FV=0，算出PV，再乘以1.055，得到81354.53

然后，FV=81354.53,N=15, I/Y=5.5，PV=0，算出PMT=3630.49才对吧。

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已采纳答案

星星_品职助教 · 2022年10月02日

同学你好，

第一步：算出PV后，乘以1.055，相当于把计算在14时间点的值又复利到了15时间点，这一步不需要。

这样做相当于在第15时间点上，先存一笔钱，再取出来付学费，同时又存又取是没有意义的。

-------

答案解析中的做法相当于第二步的PMT只支付14期到14时点，第15时点就不需要再存入了，直接开始取钱付学费就可以了。

所有类似的两步折现题目都是这个思路。


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