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水水 · 2021年06月07日

compounded quarterly这个代表什么？

  1. CFA I
  2. Quantitative

NO.PZ2017092702000009

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

If the required annual rate of return is 6% compounded quarterly,让我理解都是 quarterly条件下说的，所以我没除以4

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星星_品职助教 · 2021年06月08日

同学你好，

意思是6%是一个stated annual rate，需要根据计息频率进行转换才可以计算。

“compounded quarterly”就是计息频率为季度，所以可以得到季度利息为6%/4=1.5%。据此进行后续处理即可

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