单选题

An investor will receive an annuity of $5000 a year for seven years. The first payment is to be received 5 years from today. If the annual interest rate is 11.5 percent, what is the present value of the annuity?(     )

【正确答案】 C
【答案解析】

With Pmt=5000, N=7, I/Y 11.5, value (at t=4)=23185.175. Therefore, PV (at t=0) =23185.175/(1.115)4= $15000.68.