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
这种永续年金使用的利率为什么不用EAR,比如这个题用EAR/4作为季度的利率。以及这种永续年金在题干里面明确了复利到季度的情况,什么时候应该用EAR?希望能系统解释一下