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Cai. · 2020年03月09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

请问一下这道题，题里说will the payments make at the end of each year, 就是说应该是第一笔学费在第16年末交才对呀，第一步算的PV应该是第15年末的PV， 再算回0时刻的PV，N应该用15才对呀？

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2 个答案

星星_品职助教 · 2020年04月07日

make payments at the end of each year指的是PMT什么时候交，和学费什么时候交没有关系

学费已经告诉了是15,16,17,18这四个时间点交

星星_品职助教 · 2020年03月09日

同学你好，

题干中的“ starting 15 years from now”这句话指的就是现金流发生在15时间点，具体来说就是大学的四笔学费的时间点分别是15,16,17,18。所以折现的时候是要折现到14时间点的，也就是step 2的折现N=14

三言午寺 · 2020年04月06日

可是题目中说“make payments at the end of each year”，为什么不是先上学再交学费？

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