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一只可爱的猪 · 2020年02月24日

问一道题：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative

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

这里的in five quarters，是从第五个季度开始付的意思？A/r算出来只是一个季度的吗？也就是一期？
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2 个答案

星星_品职助教 · 2020年05月20日

@小鸣哥哥

这道题是原版书课后题R6的Q18。in five quarters是从第五个季度开始付的意思，这是一种常见的表述，其余的题也会见到例如pay in 18 years，指的是从第18年开始付等。

星星_品职助教 · 2020年02月24日

同学你好，

1.in five quarters，是从第五个季度开始付的意思

2. 请复习永续年金的内容

一只可爱的猪 · 2020年02月26日

这里折现为什么不是折5个季度？能否画一下时间轴表示

星星_品职助教 · 2020年02月27日

这个很好理解，从第五个季度开始付，折现就折到4时间点。和正常（后付）永续年金从1时刻开始付，算PV折现到0时点是一样的

小鸣哥哥 · 2020年05月19日

请问这个是原题吗？我怎么感觉看不懂英文，从第五个季度应该用in fifth quarter, 而用in five quarters我无法理解为是第五个季度开始支付。

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