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AgnesWu · 2023年05月29日

关于第二步的N

  1. CFA I
  2. Quantitative

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.

  1. 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. ;
  2. Calculate the PV today: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74.

是否可以这样理解：第一步求出的13时点的PV实际是12时点的年末值FV，第二步往前折的起算点得从12时点算，所以才是N=12

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已采纳答案

星星_品职助教 · 2023年05月29日

同学你好，

简单改了一下文字的描述：

由于首笔付款在第13年末（时间轴上13时点），所以对于普通后付年金而言，第一步求出来的PV是第12年年末的值（时间轴上12时点）。

这个值是第二步折现时的FV，所以需要往前折现12期，即N=12。

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