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greenhope_wl · 2019年12月02日

问一道题：NO.PZ2018091705000084

  1. CFA III
  2. 个人IPS

问题如下：

Jacques purchases a US$100,000 face value whole life policy has an annual premium of US$2,000, paid at the beginning of the year. Policy dividends of US$500 per year are anticipated, payable at year-end. A cash value of US$32,500 is projected for the end of Year 30. Jacques has a life expectancy of 30 years and a discount rate of 5%. The net payment cost index that Jacques calculate is closest to:

选项：

A.

$17.22.

B.

$16.89.

C.

$15.24.

解释：

C is correct.

考点: Net payment cost index

解析： The net payment cost index假设被保险人在30年后死亡。计算net payment cost index包括以下步骤:

想不太明白，计算终值的时候，比如计算3年的终值，先付年金的终值是第三年年初的FV，后付年金的终值是第三年年末的FV，按照这个逻辑应该是后付年金的FV/（1+I/Y）=先付年金FV，可是为什么正确的结果应该是后付年金的FV*（1+I/Y）=先付年金FV

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已采纳答案

包包_品职助教 · 2019年12月02日

嗨，努力学习的PZer你好：


你前面的理解不对，，计算终值的时候，比如计算3年的终值，先付年金的终值是第三年年末的FV，而不是年初的FV，后付年金的终值也是是第三年年末的FV，他们两个的区别不是计算的终值时间点不同，而是现金流一个是期初一个是期末

你可以用计算器算下，比如N=1，PMT=100，I/Y=5%，PV=0 如果是先付年金模式，计算出来的终值是105如果是后付年金模式，算出来的终值是100.


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努力的时光都是限量版，加油！


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