答案和详解如下： 1.What is the value of a fixed-rate perpetual preferred share (par value $100) with a dividend rate of 11.0 percent and a required return of 7.5 percent? A) $147. B) $138. C) $152. D) $122. The correct answer was A) The value of the preferred is $147: V0 = ($100par × 11%) / 7.5% = $146.67 2.If the value of an 8 percent, fixed-rate, perpetual preferred share is $134, and the par value is $100, what is the required rate of return? A) 7%. B) 8%. C) 9%. D) 6%. The correct answer was D) The required rate of return is 6%: V0 = ($100par × 8%) / r = $134, r = 5.97% 3.A $100 par, perpetual preferred share pays a fixed dividend of 5.0 percent. If the required rate of return is 6.5 percent, what is the current value of the shares? A) $88.64. B) $100.00. C) $76.92. D) $112.50. The correct answer was C) The current value of the shares is $76.92: V0 = ($100 × 0.05)/0.065 = $76.92 4.What is the value of a fixed-rate perpetual preferred share (par value $100) with a dividend rate of 7.0 percent and a required return of 9.0 percent? A) $56. B) $66. C) $71. D) $78. The correct answer was D) The value of the preferred is $78: V0 = ($100par × 7%) / 9% = $77.78 | 
发表于 2008-5-20 10:49
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