问一道题：NO.PZ2020012201000007 [ CFA III ]

NO.PZ2020012201000007 问题如下 Alena,CFwupting her firm’s projections for US equity returns.If she believethin the long run ththe US labor input woulgrow 0.9% perannum anlabor proctivity 1.5%, thinflation woul2.1%, ththe vinyielwoul2.25%, anththere woulno further growth in P/E, whis likely to have been her baseline projection for continuously compounlong-term US equity returns? 6.75% B.5.5% C.5.85% A is correct在长期，一国股票市场的CAPITAPPRECIATION的增长率等于该国G的增长率(本题P/E增长率为0也证实了这一点)。那么本题CAPITAPPRECIATION就等于计算该国G的增长率。此后再加上股息增长率就可以得到股权市场的增长率。Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%依照公式可得. 6.75% = 0.9% + 1.5% + 2.1% + 2.25% “If she believethin the long run ththe US labor input woulgrow 0.9% perannum anlabor proctivity 1.5%, thinflation woul2.1%, ”这句话虽然给了我们inflantion的条件，但是并没有说0.9%+1.5%算出来的就是实际G啊？在考试中我们要怎么判断？是不是如给了inflantion的数字，我们就要用上？

NO.PZ2020012201000007 问题如下 Alena,CFwupting her firm’s projections for US equity returns.If she believethin the long run ththe US labor input woulgrow 0.9% perannum anlabor proctivity 1.5%, thinflation woul2.1%, ththe vinyielwoul2.25%, anththere woulno further growth in P/E, whis likely to have been her baseline projection for continuously compounlong-term US equity returns? 6.75% B.5.5% C.5.85% A is correct在长期，一国股票市场的CAPITAPPRECIATION的增长率等于该国G的增长率(本题P/E增长率为0也证实了这一点)。那么本题CAPITAPPRECIATION就等于计算该国G的增长率。此后再加上股息增长率就可以得到股权市场的增长率。Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%依照公式可得. 6.75% = 0.9% + 1.5% + 2.1% + 2.25% 该公式资本增值方面应该是三方面，G增长率、E/G增长率、P/E增长率，长期来看后两者为0，这样理解对吗？该题未提到E/G增长率，是否因为问的是长期股票收益率预测，所以就默认该项为0了？但题目又提了不考虑P/E增长率

NO.PZ2020012201000007问题如下Alena,CFwupting her firm’s projections for US equity returns.If she believethin the long run ththe US labor input woulgrow 0.9% perannum anlabor proctivity 1.5%, thinflation woul2.1%, ththe vinyielwoul2.25%, anththere woulno further growth in P/E, whis likely to have been her baseline projection for continuously compounlong-term US equity returns?6.75% B.5.5%C.5.85% A is correct在长期，一国股票市场的CAPITAPPRECIATION的增长率等于该国G的增长率(本题P/E增长率为0也证实了这一点)。那么本题CAPITAPPRECIATION就等于计算该国G的增长率。此后再加上股息增长率就可以得到股权市场的增长率。Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%依照公式可得. 6.75% = 0.9% + 1.5% + 2.1% + 2.25% rt 这道题用到的是哪个公式，可不可以用公式的写出计算过程，是哪个知识点

NO.PZ2020012201000007 问题如下 Alena,CFwupting her firm’s projections for US equity returns.If she believethin the long run ththe US labor input woulgrow 0.9% perannum anlabor proctivity 1.5%, thinflation woul2.1%, ththe vinyielwoul2.25%, anththere woulno further growth in P/E, whis likely to have been her baseline projection for continuously compounlong-term US equity returns? 6.75% B.5.5% C.5.85% A is correct在长期，一国股票市场的CAPITAPPRECIATION的增长率等于该国G的增长率(本题P/E增长率为0也证实了这一点)。那么本题CAPITAPPRECIATION就等于计算该国G的增长率。此后再加上股息增长率就可以得到股权市场的增长率。Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%依照公式可得. 6.75% = 0.9% + 1.5% + 2.1% + 2.25% 请问这里continuously compounlong-term US equity returns中的continuously compoun现在哪里？和直接问long-term US equity returns的求解思路有没有差别？

解析错误 该题不仅仅计算了该国G的长期增长率，还需要计算v.yile股票市场收益率不止 capitappreciation, 还有v.增长率，所以加了一个2.25%