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CHAPTER 6 Stock Valuation
I.DEFINITIONS
GROWING PERPETUITY a 1.An aet characterized by cash flows that increase at a constant rate forever is called a: a.growing perpetuity.b.growing annuity.c.common annuity.d.perpetuity due.e.preferred stock.Difficulty level: Easy
DIVIDEND GROWTH MODEL b 2.The stock valuation model that determines the current stock price by dividing the next annual dividend amount by the exce of the discount rate le the dividend growth rate is called the _____ model.a.zero growth b.dividend growth c.capital pricing d.earnings capitalization e.discounted dividend
Difficulty level: Easy
DIVIDEND YIELD c 3.Next year’s annual dividend divided by the current stock price is called the: a.yield to maturity.b.total yield.c.dividend yield.d.capital gains yield.e.earnings yield.Difficulty level: Easy
CAPITAL GAINS YIELD d 4.The rate at which a stock’s price is expected to appreciate(or depreciate)is called the _____ yield.a.current b.total c.dividend d.capital gains e.earnings
Difficulty level: Easy
PREFERRED STOCK
d 5.a.b.c.d.e.Difficulty level: Easy
PREFERRED STOCK e 6.A _____ is a form of equity security that has a stated liquidating value.a.bond b.debenture c.proxy d.common stock e.preferred stock
Difficulty level: Medium
COMMON STOCK e 7.A form of equity which receives no preferential treatment in either the payment of dividends or in bankruptcy distributions is called _____ stock.a.dual cla b.cumulative c.deferred d.preferred e.common
Difficulty level: Easy
CUMULATIVE VOTING b 8.The voting procedure whereby shareholders may cast all of their votes for one member of the board is called _____ voting.a.democratic b.cumulative c.straight d.deferred e.proxy
Difficulty level: Easy
STRAIGHT VOTING c 9.The voting procedure where you must own 50% plus one of the outstanding shares of stock to guarantee that you will win a seat on the board of directors is called _____ voting.a.democratic b.cumulative c.straight d.deferred e.proxy A form of equity which receives preferential treatment in the payment of dividends is called _____ stock.dual cla cumulative deferred preferred common
Difficulty level: Easy
PROXY VOTING e 10.The voting procedure where a shareholder grants authority to another individual to vote his/her shares is called _____ voting.a.democratic b.cumulative c.straight d.deferred e.proxy
Difficulty level: Easy
PREEMPTIVE RIGHTS b 11.Preemptive rights refer to the right of shareholders to: a.share proportionately in dividends paid.b.share proportionately in any new stock iues sold.c.share proportionately in liquidated aets.d.vote at annual shareholder meetings.e.override the votes of other shareholders.Difficulty level: Medium
DIVIDENDS c 12.Payments made by a corporation to its shareholders, in the form of either cash, stock or payments in kind, are called: a.retained earnings.b.net income.c.dividends.d.redistributions.e.infused equity.Difficulty level: Easy
PRIMARY MARKET e 13.The market in which new securities are originally sold to investors is called the _____ market.a.dealer b.auction c.over-the-counter d.secondary e.primary
Difficulty level: Easy
SECONDARY MARKET d 14.The market in which previously iued securities are traded among investors is called the _____ market.a.dealer b.auction c.over-the-counter d.secondary
e.primary
Difficulty level: Easy
DEALER e 15.An agent who buys and sells securities from inventory is called a: a.broker.b.trader.c.capitalist.d.principal.e.dealer.Difficulty level: Easy
BROKER a 16.An agent who arranges security transactions among investors is called a: a.broker.b.trader.c.capitalist.d.principal.e.dealer.Difficulty level: Easy
NYSE MEMBER b 17.The owner of a seat on the New York Stock Exchange is called a(n)_____ of the exchange.a.friend b.member c.agent d.trustee e.dealer
Difficulty level: Easy
SPECIALIST c 18.A member of the New York Stock Exchange acting as a dealer in one or more securities on the exchange floor is called a: a.floor trader.b.floor post.c.specialist.d.floor broker.e.commiion broker.Difficulty level: Easy
FLOOR BROKER d 19.A member of the New York Stock Exchange who executes orders for commiion brokers on a fee basis is a: a.floor trader.b.dealer.c.specialist.d.floor broker.e.floor agent.Difficulty level: Easy
COMMISSION BROKER e 20.A member of the New York Stock Exchange who executes buy and sell orders from customers once transmitted to the exchange floor is called a: a.floor trader.b.dealer.c.specialist.d.floor broker.e.commiion broker.Difficulty level: Easy
FLOOR TRADER a 21.A member of the New York Stock Exchange who trades for his or her own account, trying to anticipate temporary price fluctuations, is called a(n): a.floor trader.b.exchange customer.c.specialist.d.floor broker.e.commiion broker.Difficulty level: Easy
SUPERDOT SYSTEM b 22.The electronic system used by the New York Stock Exchange which enables orders to be transmitted directly to a specialist is called the ______ system..a.NASDAQ b.SuperDOT c.Instinet d.Internet e.brokerage.Difficulty level: Easy
ORDER FLOW c 23.The ________ has a multiple market maker system rather than a specialist system.a.NYSE.b.AMEX.c.NASDAQ.d.NIKKEI e.None of the above.Difficulty level: Easy
OVER-THE-COUNTER MARKET c 24.A securities market primarily comprised of dealers who buy and sell for their own inventories is generally referred to as a(n)______ market.a.auction b.private c.over-the-counter d.regional e.electronic network
Difficulty level: Easy
ECNs d 25.Electronic communications networks, or ECNs, act to: a.increase liquidity.b.increase competition.c.increase the cost to invest.d.A & B.e.A & C.Difficulty level: Medium
II.CONCEPTS
VALUATION OF ZERO GROWTH STOCK c 26.The James River Co.pays an annual dividend of $1.50 per share on its common stock.This dividend amount has been constant for the past 15 years and is expected to remain
constant.Given this, one share of James River Co.stock:
a.is basically worthle as it offers no growth potential.b.has a market value equal to the present value of $1.50 paid one year from today.c.is valued as if the dividend paid is a perpetuity.d.is valued with an aumed growth rate of 3%.e.has a market value of $15.00.Difficulty level: Easy
VALUATION OF ZERO GROWTH STOCK e 27.The common stock of the Kenwith Co.pays a constant annual dividend.Thus, the market price of Kenwith stock will: a.also remain constant.b.increase over time.c.decrease over time.d.increase when the market rate of return increases.e.decrease when the market rate of return increases.Difficulty level: Easy
DIVIDEND YIELD VS.CAPITAL GAINS YIELD c 28.The Koster Co.currently pays an annual dividend of $1.00 and plans on increasing that amount by 5% each year.The Keyser Co.currently pays an annual dividend of $1.00 and plans on increasing their dividend by 3% annually.Given this, it can be stated with certainty that the _____ of the Koster Co.stock is greater than the _____ of the Keyser Co.stock.a.market price;market price b.dividend yield;dividend yield c.rate of capital gain;rate of capital gain
d.total return;total return e.capital gains;dividend yield
Difficulty level: Medium
DIVIDEND GROWTH MODEL d 29.The dividend growth model: I.aumes that dividends increase at a constant rate forever.II.can be used to compute a stock price at any point of time.III.states that the market price of a stock is only affected by the amount of the dividend.IV.considers capital gains but ignores the dividend yield.a.I only b.II only c.III and IV only d.I and II only e.I, II, and III only
Difficulty level: Medium
DIVIDEND GROWTH MODEL b 30.The underlying aumption of the dividend growth model is that a stock is worth: a.the same amount to every investor regardle of their desired rate of return.b.the present value of the future income which the stock generates.c.an amount computed as the next annual dividend divided by the market rate of return.d.the same amount as any other stock that pays the same current dividend and has the same required rate of return.e.an amount computed as the next annual dividend divided by the required rate of return.Difficulty level: Medium
DIVIDEND GROWTH MODEL c 31.Aume that you are using the dividend growth model to value stocks.If you expect the market rate of return to increase acro the board on all equity securities, then you should also expect the: a.market values of all stocks to increase, all else constant.b.market values of all stocks to remain constant as the dividend growth will offset the
increase in the market rate.c.market values of all stocks to decrease, all else constant.d.stocks that do not pay dividends to decrease in price while the dividend-paying stocks maintain a constant price.e.dividend growth rates to increase to offset this change.Difficulty level: Medium
DIFFERENTIAL GROWTH c 32.Latcher’s Inc.is a relatively new firm that is still in a period of rapid development.The
company plans on retaining all of its earnings for the next six years.Seven years from
now, the company projects paying an annual dividend of $.25 a share and then increasing that amount by 3% annually thereafter.To value this stock as of today, you would most likely determine the value of the stock _____ years from today before determining today’s value.a.4 b.5 c.6 d.7 e.8
Difficulty level: Medium
DIFFERENTIAL GROWTH d 33.The Robert Phillips Co.currently pays no dividend.The company is anticipating
dividends of $0, $0, $0, $.10, $.20, and $.30 over the next 6 years, respectively.After that, the company anticipates increasing the dividend by 4% annually.The first step in computing the value of this stock today, is to compute the value of the stock when it reaches constant growth in year: a.3.b.4.c.5.d.6.e.7.Difficulty level: Medium
DIFFERENTIAL GROWTH b 34.Supernormal growth refers to a firm that increases its dividend by: a.three or more% per year.b.a rate which is most likely not sustainable over an extended period of time.c.a constant rate of 2 or more% per year.d.$.10 or more per year.e.an amount in exce of $.10 a year.Difficulty level: Medium
DIVIDEND YIELD AND CAPITAL GAINS e 35.The total rate of return earned on a stock is comprised of which two of the following? I.current yield II.yield to maturity III.dividend yield IV.capital gains yield a.I and II only b.I and IV only c.II and III only d.II and IV only e.III and IV only
Difficulty level: Medium
DIVIDEND YIELD c 36.The total rate of return on a stock can be positive even when the price of the stock depreciates because of the: a.capital appreciation.b.interest yield.c.dividend yield.d.supernormal growth.e.real rate of return.Difficulty level: Medium
DIVIDEND YIELD AND CAPITAL GAINS c 37.Fred Flintlock wants to earn a total of 10% on his investments.He recently purchased shares of ABC stock at a price of $20 a share.The stock pays a $1 a year dividend.The price of ABC stock needs to _____ if Fred is to achieve his 10% rate of return.a.remain constant b.decrease by 5% c.increase by 5% d.increase by 10% e.increase by 15%
Difficulty level: Medium
DIVIDEND GROWTH MODEL d 38.Which one of the following correctly defines the dividend constant growth model? a.P0 = D0 (R-g)b.D = P0 (R-g)c.R =(P0 D0)+ g d.R =(D1 P0)+ g e.P0 =(D1 R)+ g
Difficulty level: Medium
SHAREHOLDER RIGHTS a 39.Shareholders generally have the right to: I.elect the corporate directors.II.select the senior management of the firm.III.elect the chief executive officer(CEO).IV.elect the chief operating officer(COO).a.I only b.I and III only c.II only d.I and II only e.III and IV only
Difficulty level: Medium
CUMULATIVE VOTING c 40.Jack owns 35 shares of stock in Beta, Inc.and wants to exercise as much control as poible over the company.Beta, Inc.has a total of 100 shares of stock outstanding.Each share receives one vote.Presently, the company is voting to elect two new directors.Which one of the following statements must be true given this information? a.If straight voting applies, Jack is aured one seat on the board.b.If straight voting applies, Jack can control both open seats.c.If cumulative voting applies, Jack is aured one seat on the board.d.e.If cumulative voting applies, Jack can control both open seats.Regardle of the type of voting employed, Jack does not own enough shares to control any of the seats.Difficulty level: Medium
STRAIGHT VOTING a 41.ABC Co.is owned by a group of shareholders who all vote independently and who all want personal control over the firm.If straight voting is utilized, a shareholder: a.must either own enough shares to totally control the elections or else he/she has no control whatsoever.b.will be able to elect at least one director as long as there are at least three open positions and the shareholder owns at least 25% plus one of the outstanding shares.c.must own at least two-thirds of the shares, plus one, to exercise control over the elections.d.is only permitted to elect one director, regardle of the number of shares owned.e.who owns more shares than anyone else, regardle of the number of shares owned, will control the elections.Difficulty level: Medium
PROXY VOTING e 42.The Zilo Corp.has 1,000 shareholders and is preparing to elect three new board members.You do not own enough shares to control the elections but are determined to oust the current leadership.The most likely result of this situation is a: a.negotiated settlement where you are granted control over one of the three open positions.b.legal battle for control of the firm based on your discontent as an individual shareholder.c.arbitrated settlement whereby you are granted control over one of the three open positions.d.total lo of power for you since you are a minority shareholder.e.proxy fight for control of the firm.Difficulty level: Medium
SHAREHOLDER RIGHTS e 43.Common stock shareholders are generally granted rights which include the right to: I.share in company profits.II.vote for company directors.III.vote on proposed mergers.IV.residual aets in a liquidation.a.I and II only b.II and III only c.I and IV only d.I, II, and IV only e.I, II, III, and IV
Difficulty level: Medium
DIVIDENDS e 44.The Scott Co.has a general dividend policy whereby they pay a constant annual dividend of $1 per share of common stock.The firm has 1,000 shares of stock outstanding.The company: a.must always show a current liability of $1,000 for dividends payable.b.is obligated to continue paying $1 per share per year.c.d.e.Difficulty level: Medium
DIVIDENDS b 45.The dividends paid by a corporation: I.to an individual become taxable income of that individual.II.reduce the taxable income of the corporation.III.are declared by the chief financial officer of the corporation.IV.to another corporation may or may not represent taxable income to the recipient.a.I only b.I and IV only c.II and III only d.I, II, and IV only e.I, III, and IV only
Difficulty level: Medium
PREFERRED STOCK a 46.The owner of preferred stock: a.is entitled to a distribution of income prior to the common shareholders.b.has the right to veto the outcome of an election held by the common shareholders.c.has the right to declare the company bankrupt whenever there are insufficient funds to
pay dividends to the common shareholders.d.receives tax-free dividends if they are an individual and own more than 20% of
the outstanding preferred shares.e.has the right to collect payment on any unpaid dividends as long as the stock is
noncumulative preferred.Difficulty level: Medium
PREFERRED STOCK b 47.A 6% preferred stock pays _____ a year in dividends per share.a.$3 b.$6 c.$12 d.$30 e.$60
Difficulty level: Easy
PREFERRED STOCK e 48.Which one of the following statements concerning preferred stock is correct? a.Unpaid preferred dividends are a liability of the firm.b.Preferred dividends must be paid quarterly provided the firm has net income that exceeds the amount of the quarterly dividend.will be declared in default and can face bankruptcy if they do not pay $1 per year to each shareholder on a timely basis.has a liability which must be paid at a later date should the company mi paying an annual dividend payment.must still declare each dividend before it becomes an actual company liability.c.d.e.Preferred dividends must be paid timely each quarter or the unpaid dividends start accruing interest.All unpaid dividends on preferred stock, regardle of the type of preferred, must be paid before any income can be distributed to common shareholders.Preferred shareholders may be granted voting rights and seats on the board if preferred dividend payments remain unpaid.Difficulty level: Medium
PREFERRED STOCK e 49.In a liquidation, each share of 5% preferred stock is generally entitled to a liquidation payment of _____ as long as there are sufficient funds available.a.$1 b.$5 c.$10 d.$50 e.$100
Difficulty level: Medium
COMMON STOCK VALUES c 50.The value of common stock today depends on a.the expected future holding period and the discount rate.b.the expected future dividends and the capital gains.c.the expected future dividends, capital gains and the discount rate.d.the expected future holding period and capital gains.e.None of the above.Difficulty level: Medium
PRIMARY MARKET d 51.Which one of the following transactions occurs in the primary market? a.the sale of ABC stock by Fred Jones to Mary Smith b.the tax-free gift of DEF stock to Heather by Jennifer c.the repurchase of GHI stock from Tim by GHI d.the initial sale of JKL stock by JKL to Jamie e.the transfer of MNO stock from Tom to his son, Jon
Difficulty level: Medium
DEALERS AND BROKERS d 52.Which one of the following statements concerning dealers and brokers is correct? a.A dealer in market securities arranges sales between buyers and sellers for a fee.b.A dealer in market securities pays the asked price when purchasing securities.c.A broker in market securities earns income in the form of a bid-ask spread.d.A broker does not take ownership of the securities being traded.e.A broker deals solely in the primary market.Difficulty level: Easy
PERPETUITY FORMULA
d
53.a.b.c.d.e.The formula Po = DIV/r represents the present value of a stream of zero growth dividends in perpetuity.the value of a no growth dividend stream.a lower value than if a growth element was included.All of the above.None of the above.Difficulty level: Easy
SPECIALIST’S POST
b 54.The post is a stationary position on the floor of the New York Stock Exchange where a _____ is aigned to work.a.floor trader b.specialist c.dealer d.floor broker e.commiion broker
Difficulty level: Medium
STOCK MARKET REPORTING d 55.The closing price of a stock is quoted at 22.87, with a P/E of 26 and a net change of
1.42.Based on this information, which one of the following statements is correct? a.The closing price on the previous day was $1.42 higher than today’s closing price.b.A dealer will buy the stock at $22.87 and sell it at $26 a share.c.The stock increased in value between yesterday’s close and today’s close by $.0142.d.The earnings per share are equal to 1/26th of $22.87.e.The earnings per share have increased by $1.42 this year.Difficulty level: Medium
STOCK QUOTE b 56.A stock listing contains the following information: P/E 17.5, closing price 33.10,dividend.80, YTD% chg 3.4, and a net chg of-.50.Which of the following statements
are correct given this information? I.The stock price has increased by 3.4% during the current year.II.The closing price on the previous trading day was $32.60.III.The earnings per share are approximately $1.89.IV.The current yield is 17.5%.a.I and II only b.I and III only c.II and III only d.III and IV only e.I, III, and IV only
Difficulty level: Medium
DISCOUNT RATE b 57.The discount rate in equity valuation is composed entirely of a.the dividends paid and the capital gains yield.b.the dividend yield and the growth rate.c.d.e.the dividends paid and the growth rate.the capital gains earned and the growth rate.the capital gains earned and the dividends paid.Difficulty level: Medium
NPVGO
b 58.The net present value of a growth opportunity, NPVGO, can be defined as a.the present value of an investment in one new project.b.the steady growth in dividends from continual re-investment with positive NPV.c.continual reinvestment of earnings when r g.e.None of the above.Difficulty level: Medium
III.PROBLEMS
STOCK VALUE – CONSTANT GROWTH e 59.Angelina’s made two announcements concerning their common stock today.First, the
company announced that their next annual dividend has been set at $2.16 a share.Secondly, the company announced that all future dividends will increase by 4%
annually.What is the maximum amount you should pay to purchase a share of
Angelina’s stock if your goal is to earn a 10% rate of return? a.$21.60 b.$22.46 c.$27.44 d.$34.62 e.$36.00
Difficulty level: Easy
STOCK VALUE – CONSTANT GROWTH d 60.How much are you willing to pay for one share of stock if the company just paid an
$.80 annual dividend, the dividends increase by 4% annually and you require an
8% rate of return? a.$19.23 b.$20.00 c.$20.40 d.$20.80 e.$21.63
Difficulty level: Easy
STOCK VALUE – CONSTANT GROWTH d 61.Lee Hong Imports paid a $1.00 per share annual dividend last week.Dividends are
expected to increase by 5% annually.What is one share of this stock worth to
you today if the appropriate discount rate is 14%? a.$7.14 b.$7.50
c.$11.11 d.$11.67 e.$12.25
Difficulty level: Easy
STOCK VALUECONSTANT GROWTH c 63.Leslie’s Unique Clothing Stores offers a common stock that pays an annual dividend
of $2.00 a share.The company has promised to maintain a constant dividend.How
much are you willing to pay for one share of this stock if you want to earn 12%
return on your equity investments? a.$10.00 b.$13.33 c.$16.67 d.$18.88 e.$20.00
Difficulty level: Easy
STOCK VALUE – DIFFERENTIAL GROWTH b 64.Martin’s Yachts has paid annual dividends of $1.40, $1.75, and $2.00 a share over the
past three years, respectively.The company now predicts that it will maintain a
constant dividend since its busine has leveled off and sales are expected to remain
relatively constant.Given the lack of future growth, you will only buy this stock if you
can earn at least a 15% rate of return.What is the maximum amount you are
willing to pay to buy one share of this stock today? a.$10.00 b.$13.33 c.$16.67 d.$18.88 e.$20.00
Difficulty level: Medium
REQUIRED RETURN c 65.The common stock of Eddie’s Engines, Inc.sells for $25.71 a share.The stock is
expected to pay $1.80 per share next month when the annual dividend is distributed.Eddie’s has established a pattern of increasing their dividends by 4% annually
and expects to continue doing so.What is the market rate of return on this stock? a.7% b.9% c.11% d.13% e.15%
Difficulty level: Medium
REQUIRED RETURN a 66.The current yield on Alpha’s common stock is 4.8%.The company just paid a
$2.10 dividend.The rumor is that the dividend will be $2.205 next year.The dividend
growth rate is expected to remain constant at the current level.What is the required
rate of return on Alpha’s stock?
a.10.04% b.16.07% c.21.88% d.43.75% e.45.94%
Difficulty level: Medium
REQUIRED RETURN e 67.Martha’s Vineyard recently paid a $3.60 annual dividend on their common stock.This
dividend increases at an average rate of 3.5% per year.The stock is currently
selling for $62.10 a share.What is the market rate of return? a.2.5% b.3.5% c.5.5% d.6.0% e.9.5%
Difficulty level: Medium
REQUIRED RETURN d 68.Bet’R Bilt Bikes just announced that their annual dividend for this coming year will be
$2.42 a share and that all future dividends are expected to increase by 2.5%
annually.What is the market rate of return if this stock is currently selling for $22 a
share? a.9.5% b.11.0% c.12.5% d.13.5% e.15.0%
Difficulty level: Medium
DIVIDEND YIELD VS.CAPITAL GAINS YIELD b 69.Shares of common stock of the Samson Co.offer an expected total return of 12%.The dividend is increasing at a constant 8% per year.The dividend yield must be:
a..015 =.0975 = 9.75% $21D0(1.05).09.05D1.12.106;D0 = $.80 $60.50;D1 = $1.21 D6$.90(1.03);D6 = $1.07 D0.09$31.11;D0 = $2.80 P0$3.50.12;P0 = $29.17
;g = 6.3%
$2.08(1.04).08.0410$39.86$1.20(1g).095gg$2.08$2.00$2.00;g =.04;D104;D10 = $76.97 P3$1.20(1.025).10.025;P3 = $17.66;Purchase cost = 100 $17.66 = $1,766
79.80.81.P5$1.60(1.035).12.0355;P5 = $22.36
1$27.73$1.60(1g).10g;g = 4.00% Dividends for the first 4 years are: $1.20, $1.44, $1.728, and $2.0736.P4P0$2.0736(1.05).0925.05$1.20(1.0925)1;P4 = $51.2301
2$1.44(1.0925)$1.728(1.0925)3$2.0736(1.0925)4$51.2301(1.0925)4;P0 = $41.05 82.P4P0$2.50.15$3.00(1.15)$1.25.07$1.00(1.07)11;P4 = $16.6667 $5.00(1.15)2$7.50(1.15)3$10(1.15)4$16.6667(1.15)4;P0 = $26.57 83.P3P0;P3 = $17.85714 $2.50(1.07)12$5.00(1.07)3$17.85714(1.07)3;P0 = $21.78 84.85.86.87.88.P0$2.00(1.16)1P4$.75(1.035).12.035;P4 = $9.13235 P0$.25(1.12)1$.40(1.12)2$.60(1.12)3$.75(1.12)4$9.13235(1.12)4;P0= $7.25 P4$1.25(1.02).08.021;P4 = $21.25 P0$1.14(1.08)1$1.18(1.08)2$1.22(1.08)3$1.25(1.08)4$21.25(1.08)4;P0
= $19.57 P0$1.20(1.07)1$1.20(1.07)2$1.20(1.07)3;P0= $3.15 P3$1.00.14;P3 = $7.142857;P0$1.50(1.16)2$.30(1.14)$.50(1.16)42$.30(1.14)3$7.143(1.14)3;P0 = $5.25 $1.00(1.16)3;P0 = $3.76
89.90.91.92.93.Dividends for the next three years are $.56, $1.12, and $2.24.P3$1.50.115;P3 = $13.04348;P0$.56(1.115)1$1.12(1.115)2$2.24(1.115)3$13.04348(1.115)3
P0 = $12.43 P5$1.40.06;P5 = $23.333 P0$.30(1.06)1$.50(1.06)2$.75(1.06)3$1.00(1.06)4$1.20(1.06)5$23.333(1.06)5
P0 = $20.48 P0$0(1.08)1$2.00(1.08)2$0(1.08)3$2.00(1.08)4$50.00(1.08)5
P0 = $37.21 P0$1.20(1.10).14(.10);P0 = $4.50
$1.80.90(1.13)1P3.70.13;P3 = $5.3846 P0$1.80(.90)(1.13)22$1.80(.90)(1.13)33$5.384615(1.13)3;P0 = $7.22 94.95.96.97.98.99.100.101.102.103.104.105.106.107.108.P21.00.09;P2 = $11.1111 P0$1.40.95(1.09)1$1.40(.95)(1.09)22$11.1111(1.09)2
P0 = $11.64 P = $2.00 .09 = $22.22 R = $1.70 $20.24 = 8.40% D =.0658 $45.60 = $3.00 P0 = $4.50 .12 = $37.50 Value of stock = D0(1+g)/(r-g)= $2.25(1+0.05)/(0.11-0.05)= $39.375 $1.36/.125 = $10.88 g =(D1-D0)/D0 =($1.03-$1.00)/$1.00 = 0.03(g=3%)Value of stock = D1/(r-g)= $1.03/(0.05-0.03)= $51.50 Value of stock = [($0.75/1.1)+($0.84/(1.1)2)+($0.94/(1.1)3)+($1.05/(1.1)4)+(($1.13/.02)/(1.1)-4)= $41.39 Div(8)= $0.4*(1+.07)6(1.04)2 = $0.65 R = Div/P0 + g =(.381(1.056))/11.625)+.056 =(.40/11.625)+.056 =.0346 +.056 =.0906 = 9% Years 1-5:($0.50(1.2)t/(1.12)t +(1.28/.09)/(1.12)5 = $11.17 Price = $1.00(1.20)/1.12 + $1.20(1.100)/1.2544 + [$1.32(1.05)/(.12-.05)]/1.2544 = $17.90 Price = $1.00(1.25)/1.12 + $1.25(1.25)/1.2544 + [$1.5625(1.05)/(.12-.05)]/1.2544 = $21.04 Value of stock = D1/(1+r)+(D2+P2)/(1+r)2 = $10/(1+0.09)+($11+$120)/(1+0.09)2 = $119.43
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