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Suechen · 2020年03月07日

问一道题:NO.PZ2017092702000018 [ CFA I ]

问题如下:

Given the  discount rate of 4% a year compounded annually, the present value (PV)of 50,000, as of the end of Year 5 (PV5 ), of the cash flow received at the end of Year 20 is closest to:

选项:

A.

$22,819.

B.

$27,763.

C.

$28,873.

解释:

B is correct.

The PV in Year 5 of a $50,000 lump sum paid in Year 20 is $27,763.23 (where FV is future value): PV = FVN(1 + r)N PV = $50,000(1 + 0.04)15 PV = $27,763.23

我看了中文解释再回头看英文,都还是没看懂,能再解释一下吗,这句英文怎么解释的就是那个意思

1 个答案

星星_品职助教 · 2020年03月08日

同学你好,

这道题目的意思是,已知年化折现率为4%,按年计息,求在第20年末发生的一笔金额为50000的现金流在第5年末的现值为多少.

实际上就是一个年金问题,只不过这个时候求PV不再是折现到0时点,而是折现到5时点。

其实和15年末有一笔5w的现金流,然后求0时点的PV是一样的。

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