答案和详解如下： 1.An investor buys shares of a firm at $10.00. A year later she receives a dividend of $0.96 and sells the shares at $9.00. What is her holding period return on this investment? A) -0.8%. B) -0.4%. C) +1.2%. D) -0.6%. The correct answer was B) The holding period return = ( $0.96 + $9.00 / $10.00 ) – 1 = –0.004 or –0.4% 2.An investor projects the price of a stock to be $16.00 in one year and expected the stock to pay a dividend at that time of $2.00. If the required rate of return on the shares is 11 percent, what is the current value of the shares? A) $14.11. B) $15.28. C) $16.96. D) $16.22. The correct answer was D) The value of the shares = ($16.00 + $2.00) / (1 + 0.11) = $16.22 3.An investor computes the current value of a firm’s shares to be $34.34, based on an expected dividend of $2.80 in one year and an expected price of the share in one year to be $36.00. What is the investor’s required rate of return on this investment? A) 10%. B) 13%. C) 11%. D) 123%. The correct answer was B) The required return = [($36.00 + $2.80) / $34.34 ] – 1 = 0.13 or 13%. | 
发表于 2008-5-20 10:35
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