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
经常看到题目中出现 stated annual rate 6%, compounded semiannually/quarterly等。
出现这样描述的时候,什么时候要折算EAR再计算,什么时候直接用利率,不用折算呢?