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欲溺之鱼 · 2021年02月18日

这道题有简单的做法么，看你们写的公式看着头晕，这要是在考试中得算多久啊？

* 问题详情，请查看题干

NO.PZ201710200100000210

问题如下：

10. Based on Exhibit 4 and Intern 1’s estimate of the required rate of return and the dividend growth rate for the first four years, the growth rate beyond the first four years consistent with the current price of USD 52 is closest to:

选项：

A.

3.80%.

B.

4.17%.

C.

4.23%.

解释：

B is correct. The candidate can arrive at the answer one of two ways. The first way is to use Equation 19 and solve for g_L:

$P_{0} = [\sum_{t = 1}^{n} \frac{D_{0} {(1 + g_{S})}^{t}}{{(1 + r)}^{t}}] + [\frac{D_{0} {(1 + g_{S})}^{n} (1 + g_{L})}{{(1 + r)}^{n} (r - g_{L})}]$

Insert the known values:

$\begin{array}{l} U S D 52 = [\sum_{t = 1}^{4} \frac{2 {(1 + 0.05)}^{t}}{{(1 + 0.083)}^{t}}] + [\frac{2 {(1 + 0.05)}^{4} (1 + g_{L})}{{(1 + 0.083)}^{4} (0.083 - g_{L})}] \\ = 7.4087 + \frac{2.431 (1 + g_{L})}{1.37567 (0.083 - g_{L})} \end{array}$

Solve for gL: gL = 4.172%

Check: $7.4087 + \frac{2.431 (1 + 0.04172)}{1.37567 (0.083 - 0.04172)}$ 52.00

The second way is to use Equation 19 and substitute the different choices to

determine the value that produces a value of USD 52 per share:

$U S D 52 = [\sum_{t = 1}^{4} \frac{2 {(1 + 0.05)}^{t}}{{(1 + 0.083)}^{t}}] + [\frac{2 {(1 + 0.05)}^{4} (1 + 0.04172)}{{(1 + 0.083)}^{4} (0.083 - 0.04172)}]$

只能这么一步步计算么

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Debrah_品职答疑助手 · 2021年02月18日

嗨，爱思考的PZer你好：

同学你好，确实是没啥好办法，只能一步步算，考试中不可能都是这么复杂的计算题，可能偶尔有几道，考试的时候可以先跳过，做其他题目。

-------------------------------
加油吧，让我们一起遇见更好的自己！

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NO.PZ201710200100000210问题如下10. Baseon Exhibit 4 anIntern 1’s estimate of the requirerate of return anthe vingrowth rate for the first four years, the growth rate beyonthe first four years consistent with the current priof US52 is closest to:A.3.80%.B.4.17%.C.4.23%.B is correct. The cante carrive the answer one of two ways. The first wis to use Equation 19 ansolve for gL: P 0 =[ ∑ t=1 n 0 ( 1+ g S ) t ( 1+r ) t ]+[ 0 ( 1+ g S ) n ( 1+ g L ) ( 1+r ) n ( r− g L ) ] Insert the known values: US2=[ ∑ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+ g L ) ( 1+0.083 ) 4 ( 0.083− g L ) ] =7.4087+ 2.431( 1+ g L ) 1.37567( 0.083− g L ) Solve for gL: gL = 4.172%Check: 7.4087+ 2.431( 1+0.04172 ) 1.37567( 0.083−0.04172 ) 52.00The seconwis to use Equation 19 ansubstitute the fferent choices totermine the value thproces a value of US52 per share: US2=[ ∑ t=1 4 2 ( 1+0.05 ) t ( 1+0.083 ) t ]+[ 2 ( 1+0.05 ) 4 ( 1+0.04172 ) ( 1+0.083 ) 4 ( 0.083−0.04172 ) ] 为什么不用HMol计算呢我发现我总是在用分步计算的地方用了HMol，有什么好的区别办法嘛

2024-07-03 15:34 1 · 回答

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2022-09-19 22:44 1 · 回答

NO.PZ201710200100000210 这个题目可以详细画图解答以下吗

2021-04-07 21:52 1 · 回答

算出来4.19%，考试到底计算到几位啊，四舍五入4.2%，B,C都对啊。

2019-11-25 16:48 1 · 回答