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王思祺 · 2020年03月16日

问一道题:NO.PZ2015122801000004

问题如下:

Daisy shorts 1800 shares of KIY company's stock on a 30% initial margin and the broker's lending rate is 2.5%. The current price is $65 per share. The broker charges a commission of $0.02 per share on sales but purchases for free. KIY stock pays an annual dividend of $1 per share. One year later, Daisy buys the 1800 shares at a price of $58 per share and close the position.Which of the following is closest to Daisy's rate of return?

选项:

A.

24.98%.

B.

24.81%

C.

32.55%.

解释:

B is correct.

Initial principal = 1800*65*0.3= 35100. The commission on sale( calculating as a part of initial cost)=1800*0.02=36

Remaining principal=1800*65*0.7=81900 ,so the first expense---lending interest=81900*2.5%=2047.5

The second expense---dividend payment=1*1800=1800, and there is no purchase commission.

The return on this investment=1800*65-1800*58-36-2047.5-1800=8716.5

Yield=8716.5/(35100+36)=24.81%

老师,commission这里,commission of $0.02 per share on sales but purchases for free.,买的时候不是free的吗 ,所以,分子还要减掉36吗?


2 个答案

maggie_品职助教 · 2020年03月16日

嗨,爱思考的PZer你好:


1、注意这句话的意思是一开始是卖出股票,需要支付佣金,等一年后再买入时,佣金是免费的

2、分子减掉的是卖出股票支付的佣金。


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努力的时光都是限量版,加油!


sarahjia · 2020年03月16日

题干里说不用给佣金吧,分子是总收益所以36不属于收益的一部分所以要减去,老师麻烦看看是不是这个意思呢