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wishwind · 2020年11月07日

问一道题:NO.PZ2018062016000010 [ CFA I ]

问题如下:

Mary has a separate account for her annual savings which has a stated annual rate of 3% and compounding quarterly. At the end of each year, she transfers unequal cash flows into this account. Year 1: $500, Year 2: $800, Year 4: $300, Year 5: $500. How much will Mary save for her account at the end of year 5?

选项:

A.

$2246.81

B.

$2247.65

C.

$2281.00

解释:

B is correct.

这道题一定要列表一年年算出来再加总吗?还是先算NPV,再复利五年更简便易行?考试建议哪个方案又快又不容易出错?
2 个答案

星星_品职助教 · 2021年01月14日

同学你好,

NPV并不是常规的解题思路。不建议这么算。

如果NPV算出来是2057.24,说明你用的利率是3%/4=0.75%。这是一个季度利率。但同时输入的现金流都是年度现金流。

所以需要首先转化为年度利率(1+3%/4)^4-1=3.03%。这时候计算出来的NPV=1935.845

此外由于这么算出来的是NPV,题目要求计算的是第五年后的FV( at the end of year 5),所以NPV还需要复利到5年后。

1935.845×(1+3.03%)^5=2247.45。选择B选项。细微的差异源自四舍五入。

 

星星_品职助教 · 2020年11月07日

同学你好,

考试的时候让算5年的可能不大,一般是3年居多。

NPV不是这种类型的题目的典型的算法,但也不用画表格。考试的时候简单画个数轴,标出来时间点,然后逐笔算出来加总这种方法比较常用。

· 2021年01月14日

这个可以使用计算器CF来完成的吗?但是我直接cf0=0,cf1=500,cf2=800,cf3=0,cf4=300,cf5=500,npv算出来是2057.242431?这是为啥?

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