艾同學(xué)
2020-03-09 22:51An investor will receive an annuity of $4,000 a year for ten years. The first payment is to be received five years from today. At a 9% discount rate, this annuity's worth today is closest to: A $16,684 B $18,186 C $25,671. 【答案】 B 【解析】 Two steps: (1) Find the PV of the 10-year annuity: N = 10; I/Y = 9; PMT =-4,000; PV = 0; CPT → PV = 25,670.63. This is the present value as of the end of Year 4; (2) Discount PV of the annuity back four years: N = 4; PMT = 0; FV =-25,670.63; I/Y = 9; CPT → PV = 18,185.72. 第二步，為什么N=4，不是N=5？我認(rèn)為N=5
所屬：CFA Level I 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
崔玨助教
2020-03-09 23:38
該回答已被題主采納
同學(xué)你好，
可以看一下我畫的現(xiàn)金流量圖。
第一步根據(jù)答案中的計(jì)算器按鍵計(jì)算10年annuity的現(xiàn)值應(yīng)該是折現(xiàn)到t=4時(shí)點(diǎn)的，然后將PV4再折現(xiàn)到0時(shí)點(diǎn)的話，N就等于4。
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