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ychi5 · 2022年02月10日

第一步的PV是FV4是因为这是第一次分红的原因吗?

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

A perpetual preferred stock makes its first quarterly dividend payment of $2.00 in five quarters

请问以下理解对吗:因为第五个quarter分红,又因为这是第一次分红,所以现金流是有1次,故折现到FV4

2 个答案

星星_品职助教 · 2022年02月10日

@ychi5

学习加油~

星星_品职助教 · 2022年02月10日

同学你好,

是的,关键就在于首笔分红在N=5时刻。

对于正常的永续年金而言,现金流是从1时点开始的,进而1、2、3、4....一直延续下去。折现是折回0时点的。

对于本题而言,第一次分红时点在5时点,进而5、6、7、8.....一直延续下去。所以折现就是折回4时点的。


ychi5 · 2022年02月10日

谢谢老师

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