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沈晨🐾 · 2020年06月07日

问一道题：NO.PZ2018062016000014 [ CFA I ]

  1. CFA I
  2. Quantitative

问题如下：

Tom has twin daughters Lucy and Lily at 12 years old. Six years later, both will study in a famous university in California for four years with a tuition fee of $6,000 paid at the beginning of each year per person. Assume the annual discount rate is 5%, today Tom should prepare:

选项：

A.

$16,670

B.

$33,340

C.

$31,753

解释：

B is correct. Six years later, Tom will pay tuition fee of $12,000 each year and last for 4 years, as he has two daughters. The payment is paid in the front, therefore set the calculator at BGN mode and input: N=4, I/Y=5%, PMT=12,000, FV=0, then PV=44678.98. The value of tuition fund at year 6 is $44,678.98, so the present value is $44,678.98/(1+5%)6=$33,340.

N=4，FV=0，PMT=12000，I/Y=5，为什么我用计算器算出来的PV=42551呢？
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1 个答案

星星_品职助教 · 2020年06月08日

同学你好，

注意题干中的“$6,000 paid at the BEGINNING of each year per person”，对应到答案解析里就是“set the calculator at BGN mode”

所以你的计算结果是基于后付年金的，而本题正确的解法是基于先付年金，把计算器调成BGN模式后再CPT PV，或者直接把后付年金的结果PV=42551乘以（1+r），即42551*（1+5%）即可得到正确结果

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