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豌豆妤22 · 2018年11月07日

问一道题：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative

问题如下图：

选项：

A.

B.

C.

解释：

为什么不选择c，pv=133代表的是什么present value，谢谢。

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菲菲_品职助教 · 2018年11月07日

同学您好，这道题的意思是，有一个按季度付息的优先股从第五个季度开始以永续年金的形式按季付息，每个季度支付的利息为$2.00。按照永续年金的公式PV=A/r，已知A=2，r=6%/4（6%为年利率），可得PV4=$133.33（这个求得的PV实际上是第四个季度末的PV），所以我们想要求这个stock现在的价值，就要把这个PV4进行折现。根据折现公式，这里的FV就是刚刚所求得的PV4，对于这种题目，画图会比较容易理解：

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