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才小迷 · 2018年06月21日

问一道题：NO.PZ2015120604000013 [ CFA I ]

  1. CFA I
  2. Quantitative

题目没看懂，现值为什么是第12年的年末？

问题如下图：

选项：

A.

B.

C.

解释：

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1 个答案

源_品职助教 · 2018年06月21日

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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