Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 110

Therefore,

The present value of an annuity due that makes N payments is obviously greater than that of a corresponding annuity that makes N payments, because in the case of the annuity due, each of the cash flows has to be discounted for one period less. Consequently, the present value factor for an N period annuity due is greater than that for an N period annuity by a factor of (1 + r).

An obvious example of an annuity due is an insurance policy, because the first premium has to be paid as soon as the policy is purchased.