NO.PZ2018103102000043
问题如下：
Jacques is the portfolio manager of AB pension and she recently consider adding PZ Inc. (New York Stock Exchange: PZ) to its portfolio. After carefully considering the characteristics of the company and its competitors, she believes the company will have extraordinary growth for the next 4 years and normal growth thereafter. So, she has concluded that a two-stage DDM is the most appropriate for valuing the stock. PZ’s total dividends paid on 2017 was $0.22. She believes that the growth rate will be 12 percent the next 4 years and 6 percent afterwards. The estimated that the required return is 9 percent. What proportion of the total value of the stock is represented by the value of second stage based on this approach?
选项：
A.90%.
B.70%.
C.65%.
解释：
A is correct.
考点：DDM,The Gordon Growth Model Equation The & Implied Dividend Growth Rate
解析：A是正确的。如表所示，第二阶段的现值PV = 8.6651，股票的总价值是9.6072美元。因此，第二阶段的占比为8.6651/9.6072 = 0.90。
在计算的精度时，由于D0=0.22，后面的数值我下意识地使用了两位小数，分别折算得D1=0.25,D2=0.28,D3=0.31,D4=0.35,P4=12.37,然后计算得NPV=9.71，这时候和答案9.61差距已经比较大了。
是不是在CFA考试时，默认计算精度为小数点后4位小数？
