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zhao肉球 · 2020年01月29日

问一道题：NO.PZ2015120604000170

  1. CFA I
  2. Quantitative

问题如下：

A.J. plans to pay his child's tuition fee for four years starting 15 years from now. He estimates the fees is $22,000 per year. If the saving account interestt rate is 5.5% annually, and A.J. will make payments at the end of each year, how much would A.J. put aside?

选项：

A.

$3,441.23

B.

$3,800.07

C.

$4,009.08

解释：

B is correct.

Step 1: N = 4, FV = 0, I/Y = 5.5, PMT = 22,000, CPT PV = -77,113.30

Step 2: PV =0, N = 14, I/Y = 5.5, FV = 77,113.30, CPT PMT =-$3,800.07

这道题不是特别明白为什么最后是要求pmt,而不是pv？可以解释一下吗？题干中不是写的how much should aj put aside,不是需要求现在需要准备多少钱吗？怎么可以看得出是要求连续14年每年存入呢？另外题干中写明是15年末才支付学费，为什么n=14而不是15？求解答

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1 个答案

星星_品职助教 · 2020年02月03日

同学你好，

这一句话连起来说是and A.J. will make payments at the end of each year, how much would A.J. put aside? 所以是在求PMT。如果理解成算PV的话，会发现由于每年都付PMT，所以PMT肯定不为0，但是是多少却不知道，所以也是算不出来PV的。

第二个问题，对于后付年金而言，是在0时刻计算PV，但是首笔PMT是在1时刻。所以如果四笔现金流在15,16,17,18的话，按照后付年金的算法就是PV算到N=14，然后第二步折现就折14期就可以了。

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NO.PZ2015120604000170问题如下 A.J. plans to phis chils tuition fee for four years starting 15 years from now. He estimates the fees is $22,000 per year. If the saving account interest rate is 5.5% annually, anhow mupayment A.J. shoulmake the enof eayefrom now? A.$3,441.23B.$3,800.07C.$4,009.08B is correct.Step 1: N = 4, FV = 0, I/Y = 5.5, PMT = 22,000, CPT PV = -77,113.30Step 2: PV =0, N = 14, I/Y = 5.5, FV = 77,113.30, CPT PMT =-$3,800.07老师，我发现我做类似的题最容易做错的部分就是前面一个时间段短年份数，就像这道题，我就会按照15年来计算。

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