开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

过儿 · 2022年05月06日

请问老师

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?


3 个答案

星星_品职助教 · 2022年05月07日

@过儿

做年化的前提是题目问的是和“年”相关的内容,例如题目求的是年度PMT,或要计算N是多少年,这时候I/Y都可以转化为EAR

背后的原理是I/Y和N与PMT三者要一致。如果后两者都是年度的,I/Y也需要是年度的。

如果PMT为0,此时N如果是月、季度、半年,那么I/Y也需要是对应的月、季度、半年。

过儿 · 2022年05月06日

我这样理解可以吗,一般一套题考到年化的最多就1.2道,我正常都按不用转化做,出现月,季,年等提示,且没出现现金流等情况才考虑做年化行吗

星星_品职助教 · 2022年05月06日

同学你好,

这种带着计息频率(coupounding frequency)的描述目的就是要做转化。转化的原则是按照后面的计息频率(coupounding frequency)得到期间利率。

如果题目最后要计算的是多少“年”的情况,此时往往要进一步的将期间利率再转化为EAR。否则直接用期间利率就可以解决问题了。

  • 3

    回答
  • 0

    关注
  • 379

    浏览
相关问题

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4

2024-11-04 19:14 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 如题

2024-10-26 22:31 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 看答案的解析是说, 从Q5才开始pvin可是字面上in five quarters 同样可以理解为未来5个quarters内分别p2 vin 怎么样审题才能看出是从Q5开始分红利

2024-10-03 20:17 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 请问这个两阶段模型,第一阶段是后续永续增长的利息折现到t=5,然后用P5再向前折现对吗?P5向前折现为什么不是5次方呢?

2024-09-14 20:00 1 · 回答

NO.PZ2017092702000009 问题如下 A perpetupreferrestomakes its first quarterly vinpayment of $2.00 in five quarters. If the requireannurate of return is 6% compounquarterly, the stock’s present value is closest to: A.$31. B.$126. C.$133. B is correct. The value of the perpetuity one yefrom now is calculateas: PV = A/r, where PV is present value, A is annuity, anr is expressea quarterly requirerate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV = $133.33. The value toy is (where FV is future value) PV = FV(1 + r)–NPV = $133.33(1 + 0.015)–4 PV = $125.62 ≈ $126 /sp12 /sp\frac12 /sp21​ 不是经过了五个季度吗?

2024-09-05 20:17 1 · 回答