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CFA Candidates
What is the value of a fixed-rate perpetual preferred share (par value $100) with a dividend rate of 7.0% and a required return of 9.0%?
The value of the preferred is $78: V0 = ($100par × 7%) / 9% = $77.78
The value of the preferred is $78:
V0 = ($100par × 7%) / 9% = $77.78
. Reading 71: Option Markets and Contracts-LOS b 习题精选
. Reading 68: Derivative Markets and Instruments-LOS c 习题精选
. Reading 67: Introduction to the Measurement of Interest Rate
. Reading 65: Introduction to the Valuation of Debt Securities-
A $100 par, perpetual preferred share pays a fixed dividend of 5.0%. If the required rate of return is 6.5%, what is the current value of the shares?
The current value of the shares is $76.92: V0 = ($100 × 0.05) / 0.065 = $76.92
The current value of the shares is $76.92:
V0 = ($100 × 0.05) / 0.065 = $76.92
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If the value of an 8%, fixed-rate, perpetual preferred share is $134, and the par value is $100, what is the required rate of return?
The required rate of return is 6%: V0 = ($100par × 8%) / r = $134, r = 5.97%
What is the value of a fixed-rate perpetual preferred share (par value $100) with a dividend rate of 11.0% and a required return of 7.5%?
The value of the preferred is $147: V0 = ($100par × 11%) / 7.5% = $146.67
The value of the preferred is $147:
V0 = ($100par × 11%) / 7.5% = $146.67
发表于 2011-3-18 14:04
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