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虾虾🍤 · 2020年02月03日

问一道题：NO.PZ2015120604000013

  1. CFA I
  2. Quantitative

问题如下：

An annuity of $2,000 per year will be received for twenty years. The first payment is to be received at the end of thirteenth years. Assume the  discount rate is 7% over next years, calculate the today's present value of the annuity

选项：

A.

$8,792.

B.

$9,408.

C.

$10,066.

解释：

B is correct.

  1. Calculate the  PV of annuity at the end of the twelfth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT  PV = 21,188.03. ;
  2. Calculate the  PV today: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT  PV = 9,407.74.

可否麻烦画一下这道题的图帮助理解一下题目，谢谢！

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1 个答案

星星_品职助教 · 2020年02月04日

同学你好，

这道题目说的是一个年金的期限为20年，第一笔钱将于十三年后即T=13时收到，问这20笔年金在今天的现值。

所以是分两步： 1）.从13时间点开始的连续20笔年金折现到12时间点 2）. 12时间点的单一一笔现金流折现到0时点。



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