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一只可爱的猪 · 2019年12月11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：我不太明白这道题的意思，为什么payment从第十三年开始？又说年金会付20年？

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1 个答案

星星_品职助教 · 2019年12月11日

同学你好，
这道题的意思是有一笔年金，一共20笔PMT，但是第一笔PMT不是从1时点开始付的，而是从13时点开始。然后求这笔年金的现值。

所以这道题需要做两次折现，首先是算出来12时点的年金的现值，这里12时点就相当于平常算年金的“0时点”。

然后这个问题就转化成了12时点有一笔单一现金流，求这笔单一现金流现值的问题。所以再做一次折现即可。可参照下图时间轴，加油~



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