When calculating the PV of income (wages), the CFA seems to use the [BGN] in R23 but [END] in the case book. I’m confused whether to use BGN or END in the exam.
(Ps. I feel like using END is more sensible
Is there anything in the question that would imply BGN, for example “today”, “now”, “at the beginning of the year”,etc.?
I wish that the calculator had a MID button.
Just take the average of the BGN and END values!!! 
Thank you for your reply. These words are not in the question. 
Couldn’t agree more.
Was there anything in the solution to indicate why they picked BGN???
Oh, it should be BGN. I calculated the examples in case book. It’s BGN and there’s words like “income……at annuity due”. Also, the difference between BGN and END is not significant.
And it’s PV of human capital calculating under END. Thanks a lot. 
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