NO.PZ2020012201000007
问题如下:
Alena,CFA, was updating her firm’s projections for US equity returns.If she believed that in the long run that the US labor input would grow by 0.9% perannum and labor productivity by 1.5%, that inflation would be 2.1%, that the dividend yield would be 2.25%, and that there would be no further growth in P/E, what is likely to have been her baseline projection for continuously compounded long-term US equity returns?
选项:
A. 6.75%
B. 5.5%
C. 5.85%
解释:
A is correct
解释:
在长期,一国股票市场的增长率等于该国GDP的增长率(本题P/E增长率为0也证实了这一点)。那么本题就等于计算该国GDP的增长率。
Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%
依照公式可得:. 6.75% = 0.9% + 1.5% + 2.1% + 2.25%
此题前面关于GDP增长部分,按照公式,GDP=(Y/L)*L,因此,GDP增长也应该是(Y/L)*L的增长,所以应该是0.9x1.5啊,答案为何是0.9+1.5呢?