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Because by first calculation of 2nd qst you find annuity value at the end of 4 period, not 5. So you discount using n = 4. The same is with the first questions, your first payment is at the end of 1 year, but you find value of annuity at the 0 period, or N = 0 (present value).
Edited 1 time(s). Last edit at Friday, June 3, 2011 at 05:55AM by optiix. |
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发表于 2011-7-13 16:41
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