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zoewong · 2022年04月12日

老师可以仔细讲一下思路吗

  1. CFA I
  2. Quantitative

NO.PZ2015120601000001

问题如下：

An analyst expects that a company’s net sales will double and the company’s net income will triple over the next five-year period starting now. Based on the analyst’s expectations, which of the following best describes the expected compound annual growth?

选项：

A.

Net sales will grow 15% annually and net income will grow 25% annually.

B.

Net sales will grow 20% annually and net income will grow 40% annually.

C.

Net sales will grow 25% annually and net income will grow 50% annually.

解释：

A is correct.

Using the general time value of money formula, for sales, solve for r in the equation 2 = 1 × (1+r)5. For income, solve 3 = 1 × (1+r)5. Alternatively, using a financial calculator, for sales, enter N = 5, PV = 1, PMT = 0, FV = −2 and compute I/Y. For income, change the FV to −3 and again solve for I/Y. The solution for sales is 14.87%; and for income is 24.57%.

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2 个答案

星星_品职助教 · 2023年06月16日

@OTAUSIN

正负号只代表方向。而方向是根据不同的出发角度而变化的，并不固定。所以单笔现金流的正负并不重要，只需保证方向不同的现金流符号相反即可。最终结果看的是绝对值。

星星_品职助教 · 2022年04月13日

同学你好，

以前半问为例，要计算的是growth rate需要是多少，才可以使net sales5年翻倍。

这实质是一个已知PV、FV和N，求I/Y的问题。

可以列出计算器按键 PV=-1，FV=2，N=5，PMT=0，CPT I/Y=14.8698。即Net sales will grow 15% annually。

net income的计算逻辑同上，可以自己试算一下，有问题可以继续追问。

OTAUSIN · 2023年06月15日

请问如何去分辨FV/PV的正负符号问题？

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NO.PZ2015120601000001 问题如下 analyst expects tha company’s net sales will uble anthe company’s net income will triple over the next five-yeperiostarting now. Baseon the analyst’s expectations, whiof the following best scribes the expectecompounannugrowth? A.Net sales will grow 15% annually annet income will grow 25% annually. B.Net sales will grow 20% annually annet income will grow 40% annually. C.Net sales will grow 25% annually annet income will grow 50% annually. A is correct.Using the genertime value of money formulfor sales, solve for r in the equation 2 = 1 × (1+r)5. For income, solve 3 = 1 × (1+r)5. Alternatively, using a financicalculator, for sales, enter N = 5, PV = 1, PMT = 0, FV = −2 ancompute I/Y. For income, change the FV to −3 anagain solve for I/Y. The solution for sales is 14.87%; anfor income is 24.57%. fv为什么用-的？

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