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Jing,L · 2021年07月23日

其实我没有明白为什么要折线到第四期 ，他是从第五期开始pay did，为什么需要折现到第四期？

  1. CFA I
  2. Quantitative

NO.PZ2017092702000009

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

其实我没有明白为什么要折线到第四期 ，他是从第五期开始pay did，为什么需要折现到第四期？

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1 个答案

星星_品职助教 · 2021年07月23日

同学你好，

可以从最简单的情况开始想。如果现金流发生在1,2,3,4....期，那么折现是折回第0期，而不是第1期。

同样，现金流发生在5,6,7....期，折现也是折到第4期，而不是第5期

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