高人给我讲讲这个题咋做吧。 investment, receiving, payment, annual, first

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at retirement 9 years from now, a client will have options of receiving a lump sum of $400,000 or 20 annual payment of $40,000 with the first payment made at retirement.

 

what is the annual rate the client needs to earn on the retirement investment to be indifferent on these choices?

 

答案是 PV400000-40000, PMT -40000, N19, FV 0, cpt I/Y 8.9196%

 

 

我就不明白明明是 9YEARS FROM NOW， 那咋是PV400000-40000， FV 0？

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QUOTE:

以下是引用forwhat在2010-5-3 23:57:00的发言：
the question only asked the way to indifference choices which means it doesn't matter how long it take prior to the retirement day. What you need to do is to make two alternative cash flows "present values" same at retirement day.

I C! THanx.