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Arthas · 2023年07月19日

如何确定PV和FV的0值

NO.PZ2017092702000008

问题如下:

An investment pays €300 annually for five years, with the first payment occurring today. The present value (PV) of the investment discounted at a 4% annual rate is closest to:

选项:

A.

€1,336.

B.

€1,389.

C.

€1,625.

解释:

B is correct,

as shown in the following calculation for an annuity (A) due:

PV=A[11(1+r)Nr](1+r)PV=A{\lbrack\frac{1-\frac1{{(1+r)}^N}}r\rbrack}{(1+r)}

where A = €300, r = 0.04, and N = 5.

PV=300[11(1+0.4)50.04](1.04)PV=300{\lbrack\frac{1-\frac1{{(1+0.4)}^5}}{0.04}\rbrack}{(1.04)}

PV = €1,388.97, or \approx €1,389.

是不是求PV就设FV是0,求FV就设PV是0呀?

1 个答案
已采纳答案

星星_品职助教 · 2023年07月19日

同学你好,

数量科目中基本可以这样计算。

PV是0时点的独立现金流,如果期初没有独立的现金流,则PV=0。FV是期末时点的独立现金流,如果期末没有独立的现金流,则FV=0。例如本题,在终点(5时点)上是没有独立现金流的,所以求PV时,FV就要设置为0。

(注:独立现金流指得是除PMT以外的现金流,例如本题0时点上的300就是PMT的一部分,而不是PV值,所以本题如果要计算FV的话,PV依然是0)。

数量科目里基本上不会涉及到有期初投资或者期末本金返还的问题。所以数量中基本可以这样设置,即“求PV就设FV是0,求FV就设PV是0”。在固收科目中会有期末现金流,所以FV一般不是0,可以届时再结合具体题目分析。

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