答案和详解如下： Q1. An annuity will pay eight annual payments of $100, with the first payment to be received three years from now. If the interest rate is 12% per year, what is the present value of this annuity? The present value of: A) a lump sum discounted for 2 years, where the lump sum is the present value of an ordinary annuity of 8 periods at 12%. B) a lump sum discounted for 3 years, where the lump sum is the present value of an ordinary annuity of 8 periods at 12%. C) an ordinary annuity of 8 periods at 12%. Correct answer is A) The PV of an ordinary annuity (calculation END mode) gives the value of the payments one period before the first payment, which is a time = 2 value here. To get a time = 0 value, this value must be discounted for two periods (years). Q2. If 10 equal annual deposits of $1,000 are made into an investment account earning 9% starting today, how much will you have in 20 years? A) $35,967. B) $42,165. C) $39,204. Correct answer is C) Switch to BGN mode. PMT = –1,000; N = 10, I/Y = 9, PV = 0; CPT → FV = 16,560.29. Remember the answer will be one year after the last payment in annuity due FV problems. Now PV10 = 16,560.29; N = 10; I/Y = 9; PMT = 0; CPT → FV = 39,204.23. Switch back to END mode. Q3. Bill Jones is creating a charitable trust to provide six annual payments of $20,000 each, beginning next year. How much must Jones set aside now at 10% interest compounded annually to meet the required disbursements? A) $87,105.21. B) $154,312.20. C) $95,815.74. Correct answer is A) N = 6, PMT = -$20,000, I/Y = 10%, FV = 0, Compute PV → $87,105.21. Q4. What is the present value of a 12-year annuity due that pays $5,000 per year, given a discount rate of 7.5%? A) $36,577. B) $41,577. C) $38,676. Correct answer is B) Using your calculator: N = 11; I/Y = 7.5; PMT = -5,000; FV = 0; CPT → PV = 36,577 + 5,000 = $41,577. Or set your calculator to BGN mode and N = 12; I/Y = 7.5; PMT = -5,000; FV = 0; CPT → PV = $41,577. Q5. Consider a 10-year annuity that promises to pay out $10,000 per year; given this is an ordinary annuity and that an investor can earn 10% on her money, the future value of this annuity, at the end of 10 years, would be: A) $175,312. B) $159,374. C) $110.000. Correct answer is B) N = 10; I/Y = 10; PMT = -10,000; PV = 0; CPT → FV = $159,374. | 
发表于 2008-12-29 16:45
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