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Captain America · 2022年10月31日

请问这个题如何计算？

  1. CFA I
  2. Corporate Issuers

NO.PZ2022090804000014

问题如下：

Consider the two investments below. The cash flows, as well as the NPV and IRR, for the two investments are given. For both investments, the required rate of return is 10%.


What discount rate would result in the same NPV for both investments?

选项：

A.A rate between 0.00% and 10.00%

B.A rate between 10.00% and 15.02%

C.A rate between 15.02% and 16.37%

解释：

Solution

B is correct. For these investments, a discount rate of 13.16% would yield the same NPV for both (an NPV of 6.73).

请问考的什么知识点？？？？

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已采纳答案

王琛_品职助教 · 2022年11月01日

嗨，爱思考的PZer你好：


1

这道题考的是 NPV 和折现率的坐标轴图

即，画一个坐标轴，横轴是折现率，纵轴是 NPV，请参考基础班讲义笔记版 P182

2

接着把两个项目的图示，画在图中

注意，代表项目的直线，和横坐标的交点，即横轴的截距，就是该项目的 IRR

通过图示，可以发现，当两个项目使用同一个折现率，使得 NPV 相同的点，就是图中标红的点

位于区间 10% 至 15.02% 之间

3

这个题了解一下即可，不需要深究，重点还是会计算 NPV 和 IRR

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

phoebeqp · 2023年09月07日

NPV跟r是线性关系吗？不同的cash flow都要除以不同次方

王琛_品职助教 · 2023年09月09日

嗨，努力学习的PZer你好：


@phoebeqp 

NPV跟r是线性关系吗？不同的cash flow都要除以不同次方 

1

严谨来说不是线性关系，这里是为了简化

希望引导考生将重心放在对图中三个点的理解

即横轴截距，纵轴截距，以及 crossover rate

2

这个题了解一下即可，主要还是掌握 NPV 和 IRR 的计算哈

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加油吧，让我们一起遇见更好的自己！

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