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米妮涵 · 2018年09月16日

问一道题：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative

这题看不懂为什么要从133到126的过程

问题如下图：

选项：

A.

B.

C.

解释：

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1 个答案

菲菲_品职助教 · 2018年09月17日

同学您好，

这道题的意思是，有一个按季度付息的优先股从第五个季度开始以永续年金的形式按季付息，每个季度支付的利息为$2.00。按照永续年金的公式PV=A/r，已知A=2，r=6%/4（6%为年利率），可得PV4=$133.33（这个求得的PV实际上是第四个季度末的PV），所以我们想要求这个stock现在的价值，就要把这个PV4进行折现。根据折现公式，这里的FV就是刚刚所求得的PV4，

加油~

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