NO.PZ2017092702000013
问题如下:
At a 5% interest rate per year compounded annually, the present value (PV) of a 10-year ordinary annuity with annual payments of $2,000 is $15,443.47. The PV of a 10-year annuity due with the same interest rate and payments is closest to:
选项:
A.$14,708.
B.$16,216.
C.$17,443.
解释:
B is correct.
The present value of a 10-year annuity (A) due with payments of $2,000 at a 5% discount rate is calculated as follows: PV = $16,215.64.
PV = $16,215.64. Alternatively, the PV of a 10-year annuity due is simply the PV of the ordinary annuity multiplied by 1.05: PV = $15,443.47 × 1.05 PV = $16,215.64.
无论是求PV还是FV,Annuity due的值都相当于对应期数的Ordinary Annuity的值再往后复利一期。即可以先求出Ordinary Annuity的PV,在乘以1+r,就是对应的Annuity due的PV。
对于本题而言,Ordinary Annuity的PV直接给出,所以就用给出的15,443.47*(1+0.05)即可得到对应annuity due的PV。即答案B。
老师请问一下,我自己画了图可是无法理解先付年金为什么是后付年金乘而不是除呢?不应该是先付年金比后付年金往前移一格吗?可否详细解释一些,谢谢!