来自《耶鲁大学开放课程：金融理论 第10集 第10集》

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  That's more than 7 percent,
  这超过7％
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  and look, everybody can see the interest rate is only 6 percent
  大家可以看到利率是只有6％
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  and we did better than 7 percent.
  而我们超过了7％
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  We're doing great.
  我们的运作良好
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  Why don't you invest in our fund?"
  你为什么不投资于我们是基金呢
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  But actually, what the salesman hasn't told you is that
  但实际上 业务员没有告诉你的是
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  the value of his assets has gone down.
  他的资产价值已大不如前
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  So the present value PV_1 must be less than pV_0,
  因此是目前是价值PV1一定比PV0少
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  because we know from this formula, the formula right up here,
  因为我们从这个公式 公式在这里
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  that 6 percent is going to be the cash flow over pV_0
  6％ 将是超过PV0的现金流
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  which is more than 7 percent plus this difference,
  这是超过7％ 再加上这种差异
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  and this difference, therefore, is going to have to be negative.
  这种差异 因此 将不得不为负数