NO.PZ2015120604000013
问题如下:
An annuity of $2,000 per year will be received for twenty years. The first payment is to be received at the end of thirteenth years. Assume the discount rate is 7% over next years, calculate the today's present value of the annuity
选项:
A.$8,792.
B.$9,408.
C.$10,066.
解释:
B is correct.
- Calculate the PV of annuity at the end of the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ;
- Calculate the PV today: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74.
之前也有一个说first payment in 5 quarters. 这道题是 first payment will happen at the end of 13th year,都是求PV。 所以怎么理解这个first payment与present的关系,这个first payment都是未来发生的情况?
这道题里面,如果first payment是在第十三年发生, 那么之前是没有现金流入的呀。at the beginning of the 13th year应该是时点零,算这个时点的PV的话,N等于8, I/Y=7,PMT=-20000,FV=0。然后这个PV等于十二年后的FV,再折现得到现在的PV?如果按照答案解析里面,开始算PV就是N=20,那等于说在开始12年都是有payment的,跟题干要求不一致呢,怎么理解呢?