求高人指点，年金计算方法 CFA

3461

收藏 2010-03-24

An investor will receive an annuity of $4000 a year for 10 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. $16684
B. 18186
C. 25671

CFA level 1 note中的一道题。

还想请问，如何准确地确定期数n的值？

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lonlyman0813

2010-3-24 23:08:02

The first payment is to be received five years from today
so your first received time at t=5
and you will receive an annuity of $4000 a year for 10 years
so received time is between t=5 ~ t=15
if you pass FM , this is very easy for you

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一只懒猪

2010-3-25 09:06:13

4000*(1-1.09^(-10))/0.09*1.09^(-5)=16684.15

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vivi19851022

2010-3-25 14:19:10

1st discount to 5 years after today use BAII plus

N=10 PMT=4000 I/Y=9 CPT PV=25670

then discount $25670 to today

FV=25670 I/Y=9 N=5 CPT PV=16683

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