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苏·Xu · 2023年03月01日

问

  1. CFA I
  2. Quantitative

NO.PZ2018062016000013

问题如下：

You plan to set a saving account for 7 years which annual discount rate is 4% and compounded annually. Each year $500 cash is transferred into this account. What is the difference of account present value between transferring the cash at the beginning and at the end of each year?

选项：

A.

$500.00

B.

$120.04

C.

$115.42

解释：

B is correct. If the cash is transferred at the beginning, set the calculator in the BGN mode and input data: N=7, I/Y=4, PMT=500, FV=0, then PV=-3121.07. If the cash is transferred at the end, set the calculator in the END mode and input data: N=7, I/Y=4, PMT=500, FV=0, then PV=-3001.03. Therefore, the difference between the two methods is 3121.07-3001.03=$120.04.

这个题目出的，每年存500，FV为什么是0？

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2 个答案

星星_品职助教 · 2023年05月26日

@AthenaZ

1）只能说这个saving account在起始点没有现金流。如果本题要求计算的是FV，则计算器里的PV确实应该输入为0。但本题明确要求计算的是PV（What is the ....present value...）

2）本题要求计算的PV，是7笔PMT折现到0时点的值。并不是起始点的现金流。

3）本题的实质是一个7年期的普通年金。这个年金既可以像本题一样去求现值（设置FV为0）。也可以重新设计为去求终值（此时就需要设置PV为0）。

星星_品职助教 · 2023年03月02日

同学你好，

每年500是PMT的值，和FV没关系。

FV是期末单独、独立的一笔现金流，例如债券期末的本金偿还，本题的期末并没有类似的现金流发生，即FV=0.

AthenaZ · 2023年05月26日

还是不明白，这个saving account起始pv应该是0啊 应该求fv不是吗？

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NO.PZ2018062016000013问题如下 You plto set a saving account for 7 years whiannuscount rate is 4% ancompounannually. Eaye$500 cash is transferreinto this account. Whis the fferenof account present value between transferring the cash the beginning anthe enof eayear?A.$500.00B.$120.04C.$115.42B is correct. If the cash is transferrethe beginning, set the calculator in the BGN mo aninput tN=7, I/Y=4, PMT=500, FV=0, then PV=-3121.07. If the cash is transferrethe en set the calculator in the ENmo aninput tN=7, I/Y=4, PMT=500, FV=0, then PV=-3001.03. Therefore, the fferenbetween the two metho is 3121.07-3001.03=$120.04.老师你好，这个为什么fv是0

2022-08-25 00:31 1 · 回答

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2022-08-18 11:56 1 · 回答

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2022-07-18 14:59 2 · 回答

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2022-05-03 17:26 1 · 回答