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wowo · 2024年09月05日

从第五季度现值133.3往真正的现值折旧的时候为什么只算四次方而不是五次方呢

  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

不是经过了五个季度吗？

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1 个答案

袁园_品职助教 · 2024年09月06日

嗨，努力学习的PZer你好：


可以看一下，下面的时间轴图，因为先把第五季度开始的payment折算到t=4，这样就是后付年金可以直接按计算器。你如果要直接折算到t=5就是先付年金，改一下计算器设置，然后在折五期到t=0时刻。

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