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aanna · 2018年06月01日

问一道题：NO.PZ2015120604000013 [ CFA I ]

  1. CFA I
  2. Quantitative

问题如下图：

选项：

A.

B.

C.

解释：

为什么在第一步中明明是20年，为什么算的现值是在12年末，我知道第一笔是在13开始付的，step1不理解

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1 个答案

源_品职助教 · 2018年06月02日

答：因为计算器在后付年金的计算模式下，算得的关于年金的的现值的时间点是在第一笔现金流发生时间点的前一期。例如，在本题中，第一步，用计算器求得的现值PV12是在T=12时刻(考虑到第一笔现金流发生在T=13时刻)。所以第二步在计算年金在T=0时刻的现值PV0时就还需把PV12往前折现12年，即第二步中，N=12。

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