问题如下图：
这道题老师的答案我看过了。但题目句子希望老师帮忙解释一下，尤其是第一句。
a perpetual preferrred stock,一个永续的优先股
first quarterly dividend payment of $2 第一个季度分红是2美金
in five quarters 在五个季度中
选项：
A. 
B. 
C. 
解释：
菲菲_品职助教 · 2018年11月19日
同学您好，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。 这样解释应该可以理解一些？
wishwind · 2018年11月21日
老师，这道题真的很难看懂，很想问考试是否还会有类似的题目和表述？感觉再做一次还是会错。
菲菲_品职助教 · 2018年11月21日
我印象里考试中的题目的还是比较好理解的，不会有特别难读懂的情况。不过这道题相对来说表达还是可以理解的，你主要的疑问点应该是in five quarters，你理解为在五个季度中，但其实是从第五个季度开始的意思，这里表达的确实很容易让人误解。不过考试的时候应该不会有这种困扰哈。
wishwind · 2018年11月23日
谢谢菲菲助教！最喜欢的品职助教，没有之一！Happy thx giving day!
菲菲_品职助教 · 2018年11月24日
哈哈 蟹蟹！！考试加油~~
姿姿不倦 · 2018年11月25日
老师，这是课后题原题吗？
菲菲_品职助教 · 2018年11月25日
同学你好，是的。
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 The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4
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 如题
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 看答案的解析是说， 从Q5才开始pvin可是字面上in five quarters 同样可以理解为未来5个quarters内分别p2 vin 怎么样审题才能看出是从Q5开始分红利
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？