[CFA一级]求解Mock 91中的第85题 investment, interest, investor, position, exactly

kmf229

85）An investor buys stock on margin and holds the position for exactly one year.
shares purchased 700
purchase price     $22/share
call money rate     4%
dividend             $0.6/share
leverage ratio      1.6
total return on the investment 12%
Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closet to:
A $23.05    B $23.38    C $23.98

apf薛老师

把这道题当成是一个算HPY的问题。
首先：由leverage ratio      1.6 可以得出 Initial Margin = 1/1.6=0.625，所以借款部分为1-0.625=0.375

设要求的stock价格为X

在持有期间的所有收益包括1、stock价差=（X-22）*700      2、Divideng收入=0.6*700=420
                 所有支出包括1、借款部分的利息=700*22*0.375*4%=231

期初总投入为：700*22*0.625=9625

则HPY=【（X-22）*700+420-231】/9625=12%

求出X=23.38