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
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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
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