问题如下图：
选项：
A. 
B. 
C. 
解释：
菲菲_品职助教 · 2018年11月18日
同学你好，即使要用计算器也不能直接得出答案，可以在第二个步骤使用。因为第一个步骤直接就能自己算出来。
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，
用计算器的话就是，I/Y=6/4，N=4，FV=133.33，PMT=0；CPT PV即可。
对于这种题目，画图会比较容易理解：
ZAA · 2018年11月19日
你是我的小天使，比心
菲菲_品职助教 · 2018年11月19日
加油~
NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21 请问这个两阶段模型，第一阶段是后续永续增长的利息折现到t=5，然后用P5再向前折现对吗？P5向前折现为什么不是5次方呢？
NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21 不是经过了五个季度吗？
NO.PZ2017092702000009问题如下A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to:A.$31.B.$126.C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21 老师，此题困惑的地方是A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. 并不是表述为make its first quarterly vinpayment of $2 in the fifth quarter. 如何体会是从第五个季度开始付vin。
NO.PZ2017092702000009问题如下A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to:A.$31.B.$126.C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21 老师，题干的意思是不是前4季度均没有分红，直到第5个季度才分红2？
NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21 这里是写错了吗？ 算出的PV=133 下面继续算的时候133就成了FV?