1．Legend Software Corp. has a current book value per share of $6.00 and expected residual income over the next three years of $0.55, $0.72, and $3.08, respectively. Given a required rate of return on equity of 12 percent, what is the value of the stock using the residual income model?

A)   $3.26.

B)   $10.35.

C)   $12.26.

D)   $9.26.

2．Crystal Offerings has a current book value per share of $9.00 and expected residual income over the next three years of $0.55, $0.72, and $3.08, respectively. Given a required rate of return on equity of 12 percent, what is the value of the stock using the residual income model?

A)   $3.26.

B)   $13.35.

C)   $9.26.

D)   $12.26.

3．Crystal Offerings has a current book value per share of $6.00 and expected residual income over the next three years of $0.45, $0.65, and $4.12, respectively. Given a required rate of return on equity of 12 percent, what is the value of the stock using the residual income model?

A)   $3.26.

B)   $11.22.

C)   $9.85.

D)   $12.26.

答案和详解如下：

1．Legend Software Corp. has a current book value per share of $6.00 and expected residual income over the next three years of $0.55, $0.72, and $3.08, respectively. Given a required rate of return on equity of 12 percent, what is the value of the stock using the residual income model?

A)   $3.26.

B)   $10.35.

C)   $12.26.

D)   $9.26.

The correct answer was D)    

V₀ = 6.00 + [0.55/1.12] + [0.72/(1.12)²] + [3.08/(1.12)³] = $9.26

2．Crystal Offerings has a current book value per share of $9.00 and expected residual income over the next three years of $0.55, $0.72, and $3.08, respectively. Given a required rate of return on equity of 12 percent, what is the value of the stock using the residual income model?

A)   $3.26.

B)   $13.35.

C)   $9.26.

D)   $12.26.

The correct answer was D)

V₀ = 9.00 + [0.55/1.12] + [0.72/(1.12)²] + [3.08/(1.12)³] = $12.26

3．Crystal Offerings has a current book value per share of $6.00 and expected residual income over the next three years of $0.45, $0.65, and $4.12, respectively. Given a required rate of return on equity of 12 percent, what is the value of the stock using the residual income model?

A)   $3.26.

B)   $11.22.

C)   $9.85.

D)   $12.26.

The correct answer was C)

V₀ = 6.00 + [0.45/1.12] + [0.65/(1.12)²] + [4.12/(1.12)³] = $9.85