答案和详解如下： 1.The required rate of return for an asset is often difficult to determine, but if we know the growth prospects and the current earnings of a firm we can determine the implied required rate of return from the: A) dividend rate. B) earnings retention rate. C) sustainable growth rate. D) market price. The correct answer was D) The required rate of return is implicit in the asset’s market price and can be determined with the present value of growth opportunities. 2.Tri-coat Paints has a current market value of $41 per share with a earnings of $3.64. What is the present value of its growth opportunities (PVGO) if the required return is 9 percent? A) $1.27. B) $3.92. C) $0.56. D) $4.00. The correct answer was C) The PVGO is $0.56: PVGO = $41 – ($3.64 / 0.09) = $0.56 3.Obsidian Glass Company has current earnings of $2.22, a required return of 8 percent, and the present value of growth opportunities (PVGO) of $8.72. What is the current value of Obsidian’s shares? A) $10.94. B) $57.17. C) $36.47. D) $121.56. The correct answer was C) The current value is $36.47: V0 = ($2.22 / 0.08) + $8.72 = $36.47 4.Ambiance Company has a current market price of $42, a current dividend of $1.25 and a required rate of return of 12 percent. All earnings are paid out as dividends. What is the present value of Ambiance’s growth opportunities (PVGO)? A) $31.58. B) $16.71. C) $27.27. D) $38.85. The correct answer was A) The PVGO is $31.58: PVGO = $42 – ($1.25 / 0.12) = $31.58 | 
发表于 2008-5-20 10:51
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