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momo · 2024年02月16日

5

  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

不应该往前折5期吗

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1 个答案

品职助教_七七 · 2024年02月16日

嗨，从没放弃的小努力你好：


首笔付款在第5季度发生，所以折现应折到前面的第4季度。再度折现时就应该往前折现4期而不是5期。

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