求高人指点，年金计算方法 CFA

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An investor will receive an annuity of $4000 a year for 10 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. $16684
B. 18186
C. 25671

CFA level 1 note中的一道题。

还想请问，如何准确地确定期数n的值？

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关键词：求高人指点 计算方法 高人指点 CFA cfa level 1 求助 CFA

The first payment is to be received five years from today
so your first received time at t=5
and you will  receive an annuity of $4000 a year for 10 years
so received time is between t=5 ~ t=15
if you pass FM , this is very easy for you

4000*(1-1.09^(-10))/0.09*1.09^(-5)=16684.15

1st  discount to 5 years after today use BAII plus

N=10   PMT=4000   I/Y=9   CPT PV=25670

then discount $25670 to today

FV=25670   I/Y=9   N=5   CPT PV=16683