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潔潔 · 2020年03月08日

问一道题：NO.PZ2017092702000009

  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

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:

正确答案是: B

A

不正确$31.

B

$126.

C

$133.

数据统计(全部)

做对次数: 1054

做错次数: 1389

正确率: 43.14%

数据统计(个人)

做对次数: 0

做错次数: 0

正确率: 0%

解析

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


这个题目为什么第一步PV=A/ r, 为什么A就直接等于2了

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1 个答案

星星_品职助教 · 2020年03月08日

同学你好，

因为这道题要求计算的是永续perpetual preferred stock，所以用A/r且A=2。

如果还不明白可以复习永续年金相应内容。

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