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LilyRosemary · 2022年03月20日

按照解析的思路不应该是

  1. CFA I
  2. Quantitative

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

按照解析的思路不应该是" …makes its first quarterly dividend payment of $2.00 in Fifth quarters"吗 为什么in five quarter也这样算

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1 个答案

星星_品职助教 · 2022年03月20日

同学你好，

“....in five quarters”就是你理解的那个意思，即首笔付款发生在第五季度。这是协会的固定表达方式。

类似的表达方式还有 in XX years，指的就是PMT就发生在XX年。

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