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椰子鸡 · 2023年11月01日

这道题完全中文没理解，能否翻译一下

  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

</span>12\frac12

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:

请求翻译。

大家说的4时点5时点是啥意思，怎么课程中完全没听到过

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1 个答案

星星_品职助教 · 2023年11月02日

同学你好，

已知永续优先股的首次支付股利的时间是第五季度。名义报价利率为6%，计息频率为按季度计息。求该永续优先股的现值。

“4时点5时点”是如果画出时间轴上的时间点。即首次支付股利的时间不是通常的1时点（第一季度），而是递延到了5时点（第五季度）。

所以所有的计算都依次体验。正常1时点付首笔股利的永续优先股折现应该折到0时点，但本题5时点付股利的优先股就应折现到4时点。

此后再从4时点折现回0时点即可。

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