[考題] 華南專業題(儲備精英)幾題請教
1.若預期的市場指數是490,目前指數價值400,股利是6
無風險利率是3%,成長率是12%,請問指數預期總報酬率是?
ans: 24%
想法:我無從切入耶 似乎不是Ks= Rf+(Rm-Rf)B
Ks=d1/Po + g ,Po用什麼代?
或是是選擇權的觀念呢?
5.就下列現金流量,可能有幾個IRR?
CFo=-1000, CF1=+500, CF2=-300,CF3=+1000,CF4=+200
ans: 3個
想法:0=-1000-[300/(1+r)^2] +[500/(1+r)]+[1000/(1+r)^3]+[200/(1+r)^4]
=>[-1000(1+r)^4] -[300(1+r)^2] +[500(1+r)^3]+[1000(1+r)] +200 =0
等於說推出來的式子irr有四次方,不是應該推出4個解?
但是答案說會有3個irr
拜託大家了,感謝,也祝大家考的很好^__^
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