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jay1180 · 2022年02月11日

第二步用计算器算不对

  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

第一步算出来133.33之后，用END模式，N=16,FV=133.333，I/Y=1.5，PMT=0, 这样算出来的PV是105.07啊，不是126，咋回事

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1 个答案

星星_品职助教 · 2022年02月11日

同学你好，

N应该为4，而非16.

本题中每一期为一个“quarter”。股息在第5个quarter发放，即此时N=5.

利率转化也遵从了这个原则，即6%/4=1.5计算出的是每季度的利率。

如果N=16，相当于16个季度，也就是4年以后了。

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