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eaglexps · 2022年07月27日

你好

  1. CFA I
  2. Quantitative

NO.PZ2015120601000001

问题如下：

An analyst expects that a company’s net sales will double and the company’s net income will triple over the next five-year period starting now. Based on the analyst’s expectations, which of the following best describes the expected compound annual growth?

选项：

A.

Net sales will grow 15% annually and net income will grow 25% annually.

B.

Net sales will grow 20% annually and net income will grow 40% annually.

C.

Net sales will grow 25% annually and net income will grow 50% annually.

解释：

A is correct.

Using the general time value of money formula, for sales, solve for r in the equation 2 = 1 × (1+r)5. For income, solve 3 = 1 × (1+r)5. Alternatively, using a financial calculator, for sales, enter N = 5, PV = 1, PMT = 0, FV = −2 and compute I/Y. For income, change the FV to −3 and again solve for I/Y. The solution for sales is 14.87%; and for income is 24.57%.

老师，能不能解释一下这道题的具体知识点和做法，不太理解为什么会和计算机这样联系到一起，没有看到求任何rate呀，pmt呀这种


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1 个答案

星星_品职助教 · 2022年07月27日

同学你好，

本题要计算的“the expected compound annual growth”就是CPT I/Y。

以net sales为例，可以理解为：现值是1（PV=-1）,5年后会翻倍（N=5，FV=2），中间没提到有期间现金流（PMT=0），问什么利率可以达到这个目标（CPT I/Y）。

net income的逻辑同上。

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