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毛线 · 2020年12月09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

是不是 以后出现in five quarters就把他记住，是5时间点？终究还是英语学的不好

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1 个答案

星星_品职助教 · 2020年12月09日

同学你好

对的，“in five quarters”就是在5时间点的意思；与此类似，“in XX years”就是在第XX年的意思。

这是协会固定的表达方式，会从一级一路延续到三级。

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