开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

司晨 · 2021年02月10日

at the END of 13th years换句话说不就是14年年初么

NO.PZ2015120604000013

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 twentieth 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.

如果是14年年初理解,为什么N不是13呢?13就是对应0时点的意义不是么

2 个答案

星星_品职助教 · 2021年11月20日

@Alicia

同学你好,

时间轴上每个点都有两重含义。以13时点为例,同时代表14年初和13年末。

所以at the end of thirteenth year就直接画在13上。

----

或者用个更直接的例子,以0时点为例。这时候就是第一年的开始(第一年初),而到了1时点上,就是第一年已经结束了(第一年末),同时第二年开始了(第二年初)



星星_品职助教 · 2021年02月10日

同学你好,

①第13年末就是第14年初。描述的都是同一个点。由于时间轴上的每个点代表的都是“年末”,所以无论是13年末还是14年初都反应在时间轴的“13”时间点上。

只有14年末(at the end of 14th year)才会反应在14时间点上

②所以题干的描述就转化为:连续收20笔现金流,其中第一笔在13时间点上收。此时的折现就是要去折到12时间点上。所以接下来step 2中的“N”就是12而非13.

---------------------

具体现金流入下图:

(如果这20笔现金流是在1,2....20时刻收到,那么求现值的折现是折到0时刻而非1时刻。同理,这20笔现金流是在13,14...32时刻收到,则求现值的折现是折到12时刻而非13时刻)

Alicia · 2021年11月20日

老师,我还是不太懂为什么第一笔现金流说的是at the end of thirteenth year为什么会画在13那个点上,不应该画在14那个点上吗?

  • 2

    回答
  • 0

    关注
  • 672

    浏览
相关问题

NO.PZ2015120604000013问题如下 annuity of $2,000 per yewill receivefor twenty years. The first payment is to receivethe enof thirteenth years. Assume the scount rate is 7% over next years, calculate the toy's present value of the annuityA.$8,792.B.$9,408.C.$10,066. B is correct. Calculate the PV of annuity the enof the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ; Calculate the PV toy: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74. 这题时间线没看懂能不能一下

2023-08-01 10:54 1 · 回答

NO.PZ2015120604000013问题如下annuity of $2,000 per yewill receivefor twenty years. The first payment is to receivethe enof thirteenth years. Assume the scount rate is 7% over next years, calculate the toy's present value of the annuityA.$8,792.B.$9,408.C.$10,066. B is correct. Calculate the PV of annuity the enof the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ; Calculate the PV toy: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74. 如題 看不懂toy的時刻

2023-05-29 21:10 1 · 回答

NO.PZ2015120604000013 问题如下 annuity of $2,000 per yewill receivefor twenty years. The first payment is to receivethe enof thirteenth years. Assume the scount rate is 7% over next years, calculate the toy's present value of the annuity A.$8,792. B.$9,408. C.$10,066. B is correct. Calculate the PV of annuity the enof the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ; Calculate the PV toy: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74. 是否可以这样理解第一步求出的13时点的PV实际是12时点的年末值FV,第二步往前折的起算点得从12时点算,所以才是N=12

2023-05-29 11:23 1 · 回答

NO.PZ2015120604000013 问题如下 annuity of $2,000 per yewill receivefor twenty years. The first payment is to receivethe enof thirteenth years. Assume the scount rate is 7% over next years, calculate the toy's present value of the annuity A.$8,792. B.$9,408. C.$10,066. B is correct. Calculate the PV of annuity the enof the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ; Calculate the PV toy: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74. 之前也有一个说first payment in 5 quarters. 这道题是 first payment will happen the enof 13th year,都是求PV。 所以怎么理解这个first payment与present的关系,这个first payment都是未来发生的情况?这道题里面,如果first payment是在第十三年发生, 那么之前是没有现金流入的呀。the beginning of the 13th year应该是时点零,算这个时点的PV的话,N等于8, I/Y=7,PMT=-20000,FV=0。然后这个PV等于十二年后的FV,再折现得到现在的PV?如果按照答案解析里面,开始算PV就是N=20,那等于说在开始12年都是有payment的,跟题干要求不一致呢,怎么理解呢?

2023-05-27 13:19 1 · 回答

NO.PZ2015120604000013 问题如下 annuity of $2,000 per yewill receivefor twenty years. The first payment is to receivethe enof thirteenth years. Assume the scount rate is 7% over next years, calculate the toy's present value of the annuity A.$8,792. B.$9,408. C.$10,066. B is correct. Calculate the PV of annuity the enof the twentieth years : N = 20; I/Y = 7; PMT = -2,000; FV = 0; CPT PV = 21,188.03. ; Calculate the PV toy: N = 12; PMT = 0; FV = -21,188.03; I/Y = 7; CPT PV = 9,407.74. 老师,我实在绕不过来,很笨地画了一个图,如图,在第13年底收到第一笔2000,往后收20次。第一步折现到PV13,我没有问题,第二步折现到0时刻,这个箭头怎么数都是13个啊,所以我觉得N应该是13

2023-05-06 21:21 1 · 回答