Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 112

Therefore,

Hence

The future value of an annuity due that makes N payments is higher than that of a corresponding annuity that makes N payments, if the future values in both cases are computed at the end of N periods. This is because, in the first case, each cash flow has to be compounded for one period more.

Note 6: It should be reiterated that the future value of an N period annuity due is greater than that of an N period annuity if both the values are computed at time N that is after N periods. The future value of an annuity due as computed at time N − 1 will be identical to that of an ordinary annuity as computed at time N.