NO.PZ2015120604000017
问题如下:
The preferred stocks of Abel company are expected to pay the $12 annual dividend perpetually . The required rate of return is supposed to be 15% constantly, the value of the preferred stock should be worth:
选项:
A.
$80.00.
B.
$80.82.
C.
$99.20.
解释:
A is correct.
12 / 0.15 = $80.00
P=A/r,r是每一期的利率,那这里每一期的A是每年的概念,r就要是年利率的概念吧?
那题中给的15%不是年利率而是continuously compounding,那这个15%应该是连续复利下的EAR,那么就是15%=e^r-1,算出年利率r=13.9762%,再带入算P,P应该等于85.83