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菡萏琼琚 · 2022年05月10日

老师题目第一句话没太明白，可以解释一下吗

  1. CFA I
  2. Quantitative

NO.PZ2017092702000009

问题如下：

A perpetual preferred stock makes its first quarterly dividend payment of $2.00 in five quarters. If the required annual rate of return is 6% compounded quarterly, the stock’s present value is closest to:

选项：

A.

$31.

B.

$126.

C.

$133.

解释：

B is correct.

The value of the perpetuity one year from now is calculated as: PV = A/r, where PV is present value, A is annuity, and r is expressed as a quarterly required rate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value today is (where FV is future value) PV = FV(1 + r)–N

PV = $133.33(1 + 0.015)–4

PV = $125.62 ≈ $126

老师题目第一句话没太明白，可以解释一下吗，另外永续年金的第一笔支付发生在第5年，那为什么后面折算PV的时候，N=4，而不是5？

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2 个答案

星星_品职助教 · 2022年05月16日

@菡萏琼琚

是的。

星星_品职助教 · 2022年05月11日

同学你好，

①第一句话说的是永续优先股股利为$2.00，按季度支付，首笔支付在第五季度

②题干未说该永续年金为先付年金，所以不能折到首笔付款的同一时间点。

菡萏琼琚 · 2022年05月16日

老师，题干不表明是先付年金，都按照后付年金处理吗？

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