An 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，为什么N=4，不是N=5？我认为N=5

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艾同学2020-03-09 22:51:31

An 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，为什么N=4，不是N=5？我认为N=5

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