NO.PZ2015120601000001
问题如下:
An analyst expects that a company’s net sales will double and the company’s net income will triple over the next five-year period starting now. Based on the analyst’s expectations, which of the following best describes the expected compound annual growth?
选项:
A.Net sales will grow 15% annually and net income will grow 25% annually.
B.Net sales will grow 20% annually and net income will grow 40% annually.
C.Net sales will grow 25% annually and net income will grow 50% annually.
解释:
A is correct.
Using the general time value of money formula, for sales, solve for r in the equation 2 = 1 × (1+r)5. For income, solve 3 = 1 × (1+r)5. Alternatively, using a financial calculator, for sales, enter N = 5, PV = 1, PMT = 0, FV = −2 and compute I/Y. For income, change the FV to −3 and again solve for I/Y. The solution for sales is 14.87%; and for income is 24.57%.
答案里的R是指EAR吗?