Justin Banks just won the lottery and is trying to decide between the annual cash flow payment option or the lump sum option. He can earn 8 percent at the bank and the annual cash flow option is $100000/year, beginning today for 15 years. What is the annual cash flow option worth to Banks today（）
A. $ 924423.70
B. $ 855947.87
C. $1500000.00
参考答案：A
解析：
First put your calculator in the BGN. N=15; I/Y=8; PMT=100000; CFF PV=924423.70. Alternatively, do not set your calculator to BGN, simply multiply the ordinary annuity (end of the period payments) answer by 1+I/Y. You get the annuity due answer and you don’t run the risk of forgetting to reset your calculator back to the end of the period setting. OR N=14; I/Y=8; PMT=100000; CPT PV=824423.70+100000=924423.70.