CFA Level I Question: The future value of a lump sum return, future, percent, manager, corporate

bess

A pension fund manager estimates that is his corporate sponsor will make a $10 million contribution five years from now.  The rate of return on plan assets has been estimated at 9 percent per year.  The pension fund manager wants to calculate the future value of this contribution 15 years from now, which is the date at which the funds will be distributed to retirees.  What is that future value?

请问为什么在计算ＦＶ的时候，Ｎ＝１０年？　　这道题可以解释（翻译）一下吗？

谢谢各位了．

[此贴子已经被作者于2008-1-8 16:55:16编辑过]

ilearnever

Year  0--1--2--3--4--5--6--7--8--9--10--11--12--13--14--15
                                0--1--2--3--4-- 5-- 6--  7-- 8-- 9--10

在第5年投进的钱第6年才拿到第1次9%的回报，到15年共拿了10次。

期望对你有帮助，也希望我是对的。

[此贴子已经被作者于2008-1-9 13:10:17编辑过]

ilearnever

下面的 Year  0  因该和   上面的 year 5  对齐，以此类推。。

还想说下， 这笔钱应该在  the beginning of year 5 投进， 也在 the beginning of year 15 提出。

[此贴子已经被作者于2008-1-9 13:19:38编辑过]

bess

谢谢,我现在明白了!

再次感谢!

[em17]