A

问题如下：

Perpetuity A pays its first payment at the end of Year 2. Perpetuity B pays its first payment at the end of Year 5. All else equal,the difference between Perpetuity A and B is:

选项：

A.An ordinary annuities for three years.

B.An annuity due for four years.

C.A perpetuity.

解释：

For perpetuity A: t=0,PVA=PV1/(1+r)=(A/r)/(1+r)

For perpetuity B: t=0,PVB= PV4/(1+r)⁴ =(A/r)/(1+r) ⁴

The difference between A and B is an ordinary annuities for three years.