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yuqijeffery · 2020年11月11日

问一道题：NO.PZ2017092702000009

  1. CFA I
  2. Quantitative

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

请问in 5 quarters 为什么N是4？

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已采纳答案

星星_品职助教 · 2020年11月11日

同学你好，

“in five quarters”表示第一笔现金流是在N=5的时点收到。所以算现值，就要算到N=4时点。

这个和正常算年金时，第一笔现金流是在1时点收到，但算PV要计算到0时点是一个道理。

 

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