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过儿 · 2021年09月03日

定量

为什么这里是one year from now,要再折现

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:

您的回答, 正确答案是: B

A

不正确$31.

B

$126.

C

$133.

数据统计(全部)

做对次数: 1693

做错次数: 2321

正确率: 42.18%

数据统计(个人)

做对次数: 0

做错次数: 1

正确率: 0.00%

解析

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 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

1 个答案

星星_品职助教 · 2021年09月04日

同学你好,

这是因为题干中标明“....its first quarterly dividend payment ...... in five quarters”。这个表述的意思是首笔付款从5时点(第五个季度)开始。

所以此时计算这个永续年金的现值是计算到4时点的。这和正常的永续年金现金流是从1时点开始,但折现值是折到0时点是一样。

由于这道题是“quarterly dividend payment”,所以4时点就是第一年,折现计算到4时点就相当于计算到“one year from now”。也可以写成“four quarters from now”



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