NO.PZ202106160100000101
问题如下：
Using the quotes in Exhibit 1, the amount received by Goldsworthy from converting JPY 225,000,000 will be closest to:
选项：
A.GBP 1,734,906
GBP 1,735,174
GBP 1,735,442
解释：
A is correct.
Goldsworthy has been given a bid–offer spread. Because she is buying the base currency—in this case, GBP—she must pay the offer price of JPY 129.69 per GBP.
考点: Spot rates and forward rates以及bid-offer spread
解析: 题目中说投资者要买GBP，那么就应该使用DEALER关于GBP的卖价做加交易。所以可得
In the expression for the sustainable growth rate, g = b × ROE, you can use (1 − 0.45) = 0.55 = b and ROE = 0.10 (the industry average), obtaining 0.55 × 0.10 = 0.055. Given the required rate of return of 0.09, you obtain the estimate $3.00(0.45)(1.055)/(0.09 − 0.055) = $40.69. In this case, the estimate of terminal value obtained from the Gordon growth model is higher than the estimate based on multiples. The two estimates may differ for a number of reasons, including the sensitivity of the Gordon growth model to the values of the inputs.
老师，这题为什么要乘以(1.055)，从哪里可以看出是用past P/E作答
