答案和详解如下： 1．CAB Inc. just paid a current dividend of $3.00, the forecasted growth is 9 percent, declining over four years to a stable 6 percent thereafter, and the current value of the firm’s shares is $50, what is the required rate of return? A) 9.8%. B) 12.7%. C) 10.5%. D) 8.6%. The correct answer was B) The required rate of return is 12.7%. r = ($3/$50)[(1 + 0.06) + (4/2) (0.09 – 0.06)] + 0.06 = 12.7% Since the H-model is an approximation model, it is possible to solve for r directly without iteration. 2．Given that a firm’s current dividend is $2.00, the forecasted growth is 7 percent, declining over three years to a stable 5 percent thereafter, and the current value of the firm’s shares is $45, what is the required rate of return? A) 7.8%. B) 9.8%. C) 10.5%. D) 8.6%. The correct answer was B) The required rate of return is 9.8%. r = ($2/$45) [(1 + 0.05) + (3/2)(0.07 – 0.05)] + 0.05 = 0.0980 Since the H-model is an approximation model, it is possible to solve for r directly without iteration.
3．Given that a firm’s current dividend is $2.00, the forecasted growth is 7 percent for the next two years and 5 percent thereafter, and the current value of the firm’s shares is $54.50, what is the required rate of return? A) Can’t be determined. B) 8%. C) 10%. D) 9%. The correct answer was D) The equation to determine the required rate of return is solved through iteration. $54.50 = $2(1.07) / (1 + r) + $2(1.07)2 / (1 + r)2 + {[$2(1.07)2(1.05)] / (r - 0.05)} / [(1 + r)2 Through iteration, r = 9% | 
发表于 2008-5-20 11:15
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