NO.PZ2022123001000155
问题如下:
Suppose Mylandia announces that it expects significant
cash flow growth over the next three years, and now plans to increase its
recent CAD2.40 dividend by 10 percent in each of the next three years.
Following the 10 percent growth period, Mylandia is expected to grow its annual
dividend by a constant 3 percent indefinitely. Mylandia’s required return is 8
percent. Based upon these revised expectations, The expected share price of
Mylandia stock is:
选项:
A.CAD49.98
CAD55.84
CAD59.71
解释:
C is correct. Following
the first step, we observe the following expected dividends for Mylandia for
the next three years:
In 1 year: D1 = CAD2.64
(=2.40×1.10)
In 2 years: D2 = CAD2.90
(=2.40×1.102)
In 3 years: D3 = CAD3.19
(=2.40×1.103)
The second step involves a
lower 3 percent growth rate. At the end of year four, Mylandia’s dividend (D4)
is expected to be CAD3.29 (=2.40×1.103 ×1.03). At this time, Mylandia’s expected
terminal value at the end of three years is CAD65.80 using Equation 17, as
follows:
E( St +n ) =
3.29/(0.08-0.03) = 65.80.
Third, we calculate the
sum of the present values of these expected dividends using Equation 16:
PVt
=2.64/1.08 + 2.90/1.082 + 3.19/1.083 + 65.80/1.083
= 59.71 .
1.01的三次方计算器怎么按,我输入1.01,yx,3,为什么结果是0?