NO.PZ201512300100000904
问题如下:
4. What is the current value of the stock based on the second approach?
选项:
A.C$16.24.
B.C$17.65.
C.C$28.29.
解释:
A is correct.
As computed earlier, V8= 17(1.6640) = C$28.2880.
PV of V8= 28.2880/1.08728 = 14.4919
From the table with the calculation details for the solution to Problem 22,
Sum of PV of D1through D8= 1.7433
So, the value of stock V0= 14.4919 + 1.7433 = C$16.2352.
这道题和上一小问,一个是问terminal value ,一个是问current value,是否意味着terminal value 是计算8时刻的价值,而current value是计算0时刻的价值?如果这样,那么为什么第一小问也是求terminal value,却计算0时刻的价值?