NO.PZ2015120604000017
问题如下：
The preferred stocks of Abel company are expected to pay the $12 annual dividend perpetually . The required rate of return is supposed to be 15% constantly, the value of the preferred stock should be worth:
选项：
A.
$80.00.
B.
$80.82.
C.
$99.20.
解释：
A is correct.
12 / 0.15 = $80.00
P=A/r，r是每一期的利率，那这里每一期的A是每年的概念，r就要是年利率的概念吧？
那题中给的15%不是年利率而是continuously compounding，那这个15%应该是连续复利下的EAR，那么就是15%=e^r-1，算出年利率r=13.9762%，再带入算P，P应该等于85.83
