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【单选题】
Exercise Bicycle Company is expected to pay a dividend in year 1 of \$1.20, a dividend in year 2 of \$1.50, and a dividend in year 3 of \$2.00. After year 3, dividends are expected to grow at the rate of 10% per year. An appropriate required return for the stock is 14%. The stock should be worth ________ today.
A.
$33.00
B.
$39.86
C.
$55.00
D.
$66.00
E.
$40.68
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【单选题】The growth in dividends of XYZ, Inc. is expected to be 10% per year for the next two years, followed by a growth rate of 5% per year for three years. After this five-year period, the growth in dividen...
A.
$8.99
B.
$25.21
C.
$40.00
D.
$110.00
E.
None of the options are correct.
【单选题】Investors want high plowback ratios________
A.
for all firms.
B.
whenever $ROE > k$.
C.
whenever $k > ROE$.
D.
only when they are in low tax brackets.
E.
whenever bank interest rates are high.
【单选题】Ceteris paribus, the price and yield on a bond are________
A.
positively related.
B.
negatively related.
C.
sometimes positively and sometimes negatively related.
D.
not related.
E.
indefinitely related.
【单选题】Of the following five investments, ________ is (are) considered the safest.
A.
commercial paper
B.
corporate bonds
C.
U.S. agency issues
D.
Treasury bonds
E.
Treasury bills
【单选题】A coupon bond that pays interest annually is selling at a par value of $1,000, matures in five years, and has a coupon rate of 9%. The yield to maturity on this bond is________
A.
8.0%.
B.
8.3%.
C.
9.0%.
D.
10.0%.
E.
None of the options are correct.
【单选题】You purchased an annual interest coupon bond one year ago that had six years remaining to maturity at that time. The coupon interest rate was 10%, and the par value was $1,000. At the time you purchas...
A.
7.00%.
B.
7.82%.
C.
8.00%.
D.
11.95%.
E.
None of the options are correct.
【单选题】A coupon bond that pays interest semi-annually is selling at a par value of $1,000, matures in seven years, and has a coupon rate of 8.6%. The yield to maturity on this bond is ________
A.
8.0%.
B.
8.6%.
C.
9.0%.
D.
10.0%.
E.
None of the options are correct.
【单选题】If a firm has a required rate of return equal to the ROE,________
A.
the firm can increase market price and P/E by retaining more earnings.
B.
the firm can increase market price and P/E by increasing the growth rate.
C.
the amount of earnings retained by the firm does not affect market price or the P/E.
D.
the firm can increase market price and P/E by retaining more earnings and increasing the growth rate.
E.
None of the options are correct.
【单选题】A coupon bond that pays interest annually has a par value of $1,000, matures in seven years, and has a yield to maturity of 9.3%. The intrinsic value of the bond today will be ________ if the coupon r...
A.
$712.99
B.
$960.14
C.
$1,123.01
D.
$886.28
E.
$1,000.00
【单选题】The present value of growth opportunities (PVGO) is equal to________I) the difference between a stock's price and its no-growth value per share.II) the stock's price.III) zero if its return on equity ...
A.
I and IV
B.
II and IV
C.
I, III, and IV
D.
II, III, and IV
E.
III and IV