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137****4482 · 2021年08月19日

题干怎么理解麻烦翻译成中文可以吗

  1. CFA I
  2. Quantitative

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.

我理解的是年金2000然后第13年末取出来一次，也就是从第十四年开始每年pmt 2000 n 6 FV 0 IY =7 算出13年末的现金价值，再往前折14年算现在的PV，为什么题目解说是N=20呢？第十三年不是取出去了吗
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已采纳答案

星星_品职助教 · 2021年08月19日

同学你好，

这道题的意思是从第13年末才开始交，连续交20年。不是现在交然后13年时候取然后还剩7年，不会有这种题型的。

所以要按照N=20计算到12时间点（注意不是13时间点）的第一个PV；再往前折算12年，算到0时点计算第二个PV。

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