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HL · 2022年02月02日

这道题是不是有问题

  1. CFA I
  2. Quantitative

NO.PZ2015120604000170

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 interest rate is 5.5% annually, and how much payment A.J. should make at the end of each year from now?

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

学费用BGN计算第15年的FV=81354.53，再用END计算前15年的PMT=3630。

讲解里的计算方法是不是差了第15年的deposit？每年底都要存钱，第15年是不是也应该存钱？

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已采纳答案

星星_品职助教 · 2022年02月02日

同学你好，

“.... starting 15 years from now”指得是学费的首笔支出发生在N=15时点，所以这一年就不会再往里存钱了。CFA的题目中没有同一年又存又取的情况，这样没有意义。

这道题的时间轴可以参考下方这个图。

如果用BGN计算学费，81354.53是15时点的值，由于15时点不能又付又存，就还需要再往前折一年到14时点，除以1.055后还是77,113.30。

所以这种两次折现的题目第一步的四笔现金流直接按后付折算到14时点即可。

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