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
No.PZ2017092702000009 (选择题)
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:
A.$31
B.$126
C.$133.
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 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
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为什么算出了PV=133.33后,还要把它折现到今天?