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NO.PZ2017092702000009

A perpetual preferred stock makes its first quarterly dividend payment of $2.00 in five quarters. If the required annual rate of return is 6% compounded quarterly, the stock’s present value is closest to: 选项： A.$31.

B.

$126. C.$133.

B is correct.

The value of the perpetuity one year from now is calculated as: PV = A/r, where PV is present value, A is annuity, and r is expressed as a quarterly required rate of return because the payments are quarterly. PV = $2.00/(0.06/4) PV =$133.33. The value today is (where FV is future value) PV = FV(1 + r)N