请问老师

NO.PZ201803130100000602 问题如下 Construtheoverall goals-baseasset allocation for the Armstrongs given their three goalsanAbbott’s suggestion for investing any excess capital. Show yourcalculations.Show your calculations. Guiline Answer:■ The mole thshoulselectefor eagois the one thoffers the highest return given the time horizon anrequireprobability of success.■ Approximately 16.4%, 12.7%, 50.4%, an20.5% shoulinvestein Moles an respectively. The appropriate goals-baseallocation for the Armstrongs is follows:Supporting calculations:For Go1, whiha time horizon of five years ana requireprobability of success of 85%, Mole C shoulchosen because its 4.4% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go1 is calculatefollows:N = 5, FV = –5,000,000, I/Y = 4.4%; CPT PV = $4,031,508 (or $4.03 million)So, approximately 50.4% of the totassets of $8 million (= $4.03 million/$8.00 million) shoulallocateto Mole For Go2, whiha time horizon of 10 years ana requireprobability of success of 99%, Mole B shoulchosen because its 2.2% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go2 is calculatefollows:PV=$100,000/(1.022)1+$100,000(1.03)1/(1.022)2+$100,000(1.03)2/(1.022)3+...+$100,000(1.03)9/(1.022)10PV = $1,013,670 (or $1.01 million)So, approximately 12.7% of the totassets of $8 million (= $1.01 million/$8.00 million) shoulallocateto Mole For Go3, whiha time horizon of 25 years ana requireprobability of success of 75%, Mole shoulchosen because its 7.5% expectereturn is higher ththe expectereturns of all the other moles. The present value ofGo3 is calculatefollows:N = 25, FV = –10,000,000, I/Y = 7.5%; CPT PV = $1,639,791 (or $1.64 million)So, approximately 20.5% of the totassets of $8 million (= $1.64 million/$8.00 million) shoulallocateto Mole Finally, the surplus of $1,315,032 (= $8,000,000 – $4,031,508 – $1,013,670 –$1,639,791), representing 16.4% (= $1.32 million/$8.00 million), shoulinvestein Mole A following Abbott’s suggestion. 1.1） go1 : mole Cwith 85% succussfully probobility an5 yetime horizon, using ta from Exhibit 1, mole C hthe highest minimun expectation returns, whicminimize initiasset requirement.2) go2 : mole Bwith 99% succussfully probobility an10 yetime horizon, using ta from Exhibit 1, mole B hthe highest minimun expectation returns, whicminimize initiasset requirement.3） go1 : mole ith 75% succussfully probobility an25 yetime horizon, using ta from Exhibit 1, mole hthe highest minimun expectation returns, whicminimize initiasset requirement.2.mole A 16.5%, mole B 12.62%, mole C 50.38%, mole 20.5%go1, choosing to allocate in mole using minimize expectation return =4.4%, calculation PV=5/(1.044)^5 = 4.03m, 4.03/8 = 50.38%go2, choosing to allocate in mole using minimize expectation return=2.2%, calculation PV=100000/1.022+100000(1.03)/1.022^2+.....+100000(1.03)^9/1.022^10 = 1.01m 1.01/8=12.62%go3, choosing to allocate in mole using minimize expectation return =7.5%, PV=10/(1.075)^25 =1.64m,1.64/8=20.5%excess capitinvesting in mole = 8-4.03-1.01-1.64=1.32m 1.32/8= 16.5%

NO.PZ201803130100000602 问题如下 Construtheoverall goals-baseasset allocation for the Armstrongs given their three goalsanAbbott’s suggestion for investing any excess capital. Show yourcalculations.Show your calculations. Guiline Answer:■ The mole thshoulselectefor eagois the one thoffers the highest return given the time horizon anrequireprobability of success.■ Approximately 16.4%, 12.7%, 50.4%, an20.5% shoulinvestein Moles an respectively. The appropriate goals-baseallocation for the Armstrongs is follows:Supporting calculations:For Go1, whiha time horizon of five years ana requireprobability of success of 85%, Mole C shoulchosen because its 4.4% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go1 is calculatefollows:N = 5, FV = –5,000,000, I/Y = 4.4%; CPT PV = $4,031,508 (or $4.03 million)So, approximately 50.4% of the totassets of $8 million (= $4.03 million/$8.00 million) shoulallocateto Mole For Go2, whiha time horizon of 10 years ana requireprobability of success of 99%, Mole B shoulchosen because its 2.2% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go2 is calculatefollows:PV=$100,000/(1.022)1+$100,000(1.03)1/(1.022)2+$100,000(1.03)2/(1.022)3+...+$100,000(1.03)9/(1.022)10PV = $1,013,670 (or $1.01 million)So, approximately 12.7% of the totassets of $8 million (= $1.01 million/$8.00 million) shoulallocateto Mole For Go3, whiha time horizon of 25 years ana requireprobability of success of 75%, Mole shoulchosen because its 7.5% expectereturn is higher ththe expectereturns of all the other moles. The present value ofGo3 is calculatefollows:N = 25, FV = –10,000,000, I/Y = 7.5%; CPT PV = $1,639,791 (or $1.64 million)So, approximately 20.5% of the totassets of $8 million (= $1.64 million/$8.00 million) shoulallocateto Mole Finally, the surplus of $1,315,032 (= $8,000,000 – $4,031,508 – $1,013,670 –$1,639,791), representing 16.4% (= $1.32 million/$8.00 million), shoulinvestein Mole A following Abbott’s suggestion. 老师，Go2这里的答案我没太理解，正常生活的支出不是应该从年初就准备好，这样第二年（初）需要准备的PV不就应该是$100,000(1.03)1/(1.022)1？从答案这里的理解好像是年末才需要这笔钱，这不符合逻辑吧？另外还想请教下，像这个公式，计算器上应该怎么按呀？For Go2, whiha time horizon of 10 years ana requireprobability of success of 99%, Mole B shoulchosen because its 2.2% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go2 is calculatefollows:PV=$100,000/(1.022)1+$100,000(1.03)1/(1.022)2+$100,000(1.03)2/(1.022)3+...+$100,000(1.03)9/(1.022)10PV = $1,013,670 (or $1.01 million)

NO.PZ201803130100000602问题如下Construtheoverall goals-baseasset allocation for the Armstrongs given their three goalsanAbbott’s suggestion for investing any excess capital. Show yourcalculations.Show your calculations. Guiline Answer:■ The mole thshoulselectefor eagois the one thoffers the highest return given the time horizon anrequireprobability of success.■ Approximately 16.4%, 12.7%, 50.4%, an20.5% shoulinvestein Moles an respectively. The appropriate goals-baseallocation for the Armstrongs is follows:Supporting calculations:For Go1, whiha time horizon of five years ana requireprobability of success of 85%, Mole C shoulchosen because its 4.4% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go1 is calculatefollows:N = 5, FV = –5,000,000, I/Y = 4.4%; CPT PV = $4,031,508 (or $4.03 million)So, approximately 50.4% of the totassets of $8 million (= $4.03 million/$8.00 million) shoulallocateto Mole For Go2, whiha time horizon of 10 years ana requireprobability of success of 99%, Mole B shoulchosen because its 2.2% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go2 is calculatefollows:PV=$100,000/(1.022)1+$100,000(1.03)1/(1.022)2+$100,000(1.03)2/(1.022)3+...+$100,000(1.03)9/(1.022)10PV = $1,013,670 (or $1.01 million)So, approximately 12.7% of the totassets of $8 million (= $1.01 million/$8.00 million) shoulallocateto Mole For Go3, whiha time horizon of 25 years ana requireprobability of success of 75%, Mole shoulchosen because its 7.5% expectereturn is higher ththe expectereturns of all the other moles. The present value ofGo3 is calculatefollows:N = 25, FV = –10,000,000, I/Y = 7.5%; CPT PV = $1,639,791 (or $1.64 million)So, approximately 20.5% of the totassets of $8 million (= $1.64 million/$8.00 million) shoulallocateto Mole Finally, the surplus of $1,315,032 (= $8,000,000 – $4,031,508 – $1,013,670 –$1,639,791), representing 16.4% (= $1.32 million/$8.00 million), shoulinvestein Mole A following Abbott’s suggestion. 老师，我看了这道题有的回复说因为写的for the next 10 years 所以判定为后付年金，可是另外一道题如图，也是over the next 20 years 用的却是先付年金，请问怎么分别

NO.PZ201803130100000602问题如下Construtheoverall goals-baseasset allocation for the Armstrongs given their three goalsanAbbott’s suggestion for investing any excess capital. Show yourcalculations.Show your calculations. Guiline Answer:■ The mole thshoulselectefor eagois the one thoffers the highest return given the time horizon anrequireprobability of success.■ Approximately 16.4%, 12.7%, 50.4%, an20.5% shoulinvestein Moles an respectively. The appropriate goals-baseallocation for the Armstrongs is follows:Supporting calculations:For Go1, whiha time horizon of five years ana requireprobability of success of 85%, Mole C shoulchosen because its 4.4% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go1 is calculatefollows:N = 5, FV = –5,000,000, I/Y = 4.4%; CPT PV = $4,031,508 (or $4.03 million)So, approximately 50.4% of the totassets of $8 million (= $4.03 million/$8.00 million) shoulallocateto Mole For Go2, whiha time horizon of 10 years ana requireprobability of success of 99%, Mole B shoulchosen because its 2.2% expectereturn is higher ththe expectereturns of all the other moles. The present value of Go2 is calculatefollows:PV=$100,000/(1.022)1+$100,000(1.03)1/(1.022)2+$100,000(1.03)2/(1.022)3+...+$100,000(1.03)9/(1.022)10PV = $1,013,670 (or $1.01 million)So, approximately 12.7% of the totassets of $8 million (= $1.01 million/$8.00 million) shoulallocateto Mole For Go3, whiha time horizon of 25 years ana requireprobability of success of 75%, Mole shoulchosen because its 7.5% expectereturn is higher ththe expectereturns of all the other moles. The present value ofGo3 is calculatefollows:N = 25, FV = –10,000,000, I/Y = 7.5%; CPT PV = $1,639,791 (or $1.64 million)So, approximately 20.5% of the totassets of $8 million (= $1.64 million/$8.00 million) shoulallocateto Mole Finally, the surplus of $1,315,032 (= $8,000,000 – $4,031,508 – $1,013,670 –$1,639,791), representing 16.4% (= $1.32 million/$8.00 million), shoulinvestein Mole A following Abbott’s suggestion. scount rate 1.03/1.022-1 可以算出scount rate为0.78吗，如果我用这个放到计算器里，pmt是10万，fv为0，N为10 计算pv有问题吗