NO.PZ2024021803000036
问题如下：
Given the current spot price of a stock is $50, with a dividend yield of 3% and an annual risk-free interest rate of 5%, what is the estimated 6-month forward price?
选项：
A.$49.50
B.$50.50
C.$51.27
解释：
The forward price is calculated by adjusting the current spot price for the cost of carry, which includes dividends and the risk-free rate. For a stock with a 3% dividend yield and a 5% risk-free rate, the 6-month forward price is computed using the formula incorporating continuous compounding of interest minus the continuous dividend yield. 股票的远期价格是通过调整当前即期价格来计算的，其中包括股息和无风险利率的持有成本。对于股息收益率为3%且无风险利率为5%的股票，6个月远期价格使用包含连续复利和连续股息收益率的公式计算得出。FP=Se(r-i)T= Se(0.05-0.03)0.5=50.50
分红为何要用连续复利的方式计算？
