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charlie299 · 2023年09月21日

PV = $133.33(1 + 0.015)–4

  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

</span>12\frac12

请问这个题第二步PV = $133.33(1 + 0.015)–4，

这个-4就按4 算也是可以的吧

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星星_品职助教 · 2023年09月21日

同学你好，

可以用133.33直接除以 1.015的4次方。

如果用乘法计算，就需要是133.33乘以1.015的 -4次方

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