问题如下:
2. In the first approach, what proportion of the total value of the stock is represented by the value of second stage?
选项:
A.0.10.
B.0.52.
C.0.90.
解释:
C is correct.
As shown in the above table, the value of the second stage = PV of V8 = C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.
好为什么这题不是理解为第二stage的value占总价值的占比是多少? 就是为什么不是17.6528 /14.01? 是算进第一期的0.114 和0.15 后折现的价值,就是折现11期的红利的价值。从答案看就是折现折现(0.499203+31.06)到YR3, 然后比上YR3-YR8之间的折现。,为什么total 价值不包括第一期的0.114和0.15的折现?谢谢。