开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

LilyRosemary · 2022年03月20日

按照解析的思路不应该是

  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

按照解析的思路不应该是" …makes its first quarterly dividend payment of $2.00 in Fifth quarters"吗 为什么in five quarter也这样算

添加评论
1 个答案

星星_品职助教 · 2022年03月20日

同学你好，

“....in five quarters”就是你理解的那个意思，即首笔付款发生在第五季度。这是协会的固定表达方式。

类似的表达方式还有 in XX years，指的就是PMT就发生在XX年。

  • 1

    回答

  • 0

    关注

  • 346

    浏览
相关问题

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4

2024-11-04 19:14 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 如题

2024-10-26 22:31 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 看答案的解析是说， 从Q5才开始pvin可是字面上in five quarters 同样可以理解为未来5个quarters内分别p2 vin 怎么样审题才能看出是从Q5开始分红利

2024-10-03 20:17 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 请问这个两阶段模型，第一阶段是后续永续增长的利息折现到t=5，然后用P5再向前折现对吗？P5向前折现为什么不是5次方呢？

2024-09-14 20:00 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 不是经过了五个季度吗？

2024-09-05 20:17 1 · 回答