LeaPrep · Mock 1 · Equity Investments

Equity Investments · Mock 1 02 / 22

Hướng dẫn tư duy · Câu 2

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Scenario analysis regarding inflation and interest rates would be most useful for a consumer lending company, which would likely be hurt by increasing inflation (from reduced asset values) and increasing interest rates (although lending rates will be higher, consumer defaults will also increase).
02A food manufacturer or a pharmaceutical company would likely be less exposed to interest rate risk, and more likely to be able to pass inflationary cost increases through to their product prices.

Equity Investments · Mock 1 02 / 22

Đáp án · Câu 2

Đáp án đúng

consumer lending company.

Giải thích

Scenario analysis regarding inflation and interest rates would be most useful for a consumer lending company, which would likely be hurt by increasing inflation (from reduced asset values) and increasing interest rates (although lending rates will be higher, consumer defaults will also increase). A food manufacturer or a pharmaceutical company would likely be less exposed to interest rate risk, and more likely to be able to pass inflationary cost increases through to their product prices.

Equity Investments · Mock 1 03 / 22

Câu 3 / 22

Which of the following would most likely increase a profitable company's return on equity?

(A)Issuing new common stock to retire firm debt.
(B)Issuing new common shares to fund an expansion.
(C)Issuing debt to repurchase the firm’s outstanding common stock.

Equity Investments · Mock 1 03 / 22

Hướng dẫn tư duy · Câu 3

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Issuing debt to repurchase common stock will likely increase a firm's ROE, while issuing common stock to retire debt will likely decrease a firm's ROE.
02Issuing new common stock to fund an expansion could increase or decrease ROE.

Equity Investments · Mock 1 03 / 22

Đáp án · Câu 3

Đáp án đúng

Issuing debt to repurchase the firm’s outstanding common stock.

Giải thích

Issuing debt to repurchase common stock will likely increase a firm's ROE, while issuing common stock to retire debt will likely decrease a firm's ROE. Issuing new common stock to fund an expansion could increase or decrease ROE.

Equity Investments · Mock 1 04 / 22

Câu 4 / 22

The type of stock index that would be most likely to require adjustment in response to a company issuance of new shares is a:

(A)price weighted index.
(B)equal weighted index.
(C)market capitalization weighted index.

Equity Investments · Mock 1 04 / 22

Hướng dẫn tư duy · Câu 4

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Issuance of new shares will change the total value of shares outstanding for a company, so the percentage weights of a market capitalization weighted index will need to be adjusted.
02There may be a change in share price as a result of the share sales, but that but would not require adjustment of the divisor of a price weighted index (index calculation always incorporates the effect of price changes).
03The weights of an equal-weighted index are not affected.

Equity Investments · Mock 1 04 / 22

Đáp án · Câu 4

Đáp án đúng

market capitalization weighted index.

Giải thích

Issuance of new shares will change the total value of shares outstanding for a company, so the percentage weights of a market capitalization weighted index will need to be adjusted. There may be a change in share price as a result of the share sales, but that but would not require adjustment of the divisor of a price weighted index (index calculation always incorporates the effect of price changes). The weights of an equal-weighted index are not affected.

Equity Investments · Mock 1 05 / 22

Câu 5 / 22

A fixed growth rate that accounts for expected inflation is most appropriate for forecasting:

(A)cost of goods sold.
(B)distribution expenses.
(C)general and administrative expenses.

Equity Investments · Mock 1 05 / 22

Hướng dẫn tư duy · Câu 5

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01General and administrative expenses tend to be relatively fixed and are less sensitive to changes in sales volume than cost of goods sold or distribution expenses
02which are more appropriately modeled based on a forecast of sales.

Equity Investments · Mock 1 05 / 22

Đáp án · Câu 5

Đáp án đúng

general and administrative expenses.

Giải thích

General and administrative expenses tend to be relatively fixed and are less sensitive to changes in sales volume than cost of goods sold or distribution expenses, which are more appropriately modeled based on a forecast of sales.

Equity Investments · Mock 1 06 / 22

Câu 6 / 22

On Thursday, August 10, a company announces that it will pay dividends of $0.50 per share on Wednesday, November 22. The holder-of-record date is Wednesday, November 8. Equities in this market settle in two business days. Assuming no holidays in any of the months, the last trading day on which investors can buy the company's shares and receive this dividend is:

(A)Monday, November 6.
(B)Tuesday, November 7.
(C)Monday, November 20.

Equity Investments · Mock 1 06 / 22

Hướng dẫn tư duy · Câu 6

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01With settlement of two business days, November 6 is the last trading day investors can buy the shares and receive the dividend payable on November 22.
02November 7 is the ex-dividend date, or the first date that the shares trade without the dividend, because shares that are purchased on November 7 would settle on November 9, after the holder-of-record date.

Equity Investments · Mock 1 06 / 22

Đáp án · Câu 6

Đáp án đúng

Monday, November 6.

Giải thích

With settlement of two business days, November 6 is the last trading day investors can buy the shares and receive the dividend payable on November 22. November 7 is the ex-dividend date, or the first date that the shares trade without the dividend, because shares that are purchased on November 7 would settle on November 9, after the holder-of-record date.

Equity Investments · Mock 1 07 / 22

Câu 7 / 22

In conducting an industry analysis for a firm, an analyst would most likely put a higher valuation on a company, all other things equal, if the industry's:

(A)capacity utilization is low.
(B)Herfindahl-Hirschman index is low.
(C)market shares have been stable

Equity Investments · Mock 1 07 / 22

Hướng dẫn tư duy · Câu 7

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Stable market shares indicate a low degree of competition among industry rivals, which is consistent with higher profits and valuation.
02Low HHI or low capacity utilization are indications of a high degree of competition among industry firms, which decreases profitability and value relative to a high HHI or capacity utilization.

Equity Investments · Mock 1 07 / 22

Đáp án · Câu 7

Đáp án đúng

market shares have been stable

Giải thích

Stable market shares indicate a low degree of competition among industry rivals, which is consistent with higher profits and valuation. Low HHI or low capacity utilization are indications of a high degree of competition among industry firms, which decreases profitability and value relative to a high HHI or capacity utilization.

Equity Investments · Mock 1 08 / 22

Câu 8 / 22

Which of the following is least likely an identified market pricing anomaly?

(A)Average equity returns during the month of January are higher than returns in any other month.
(B)Purchasing shares of an initial public offering when they first start trading produces positive risk-adjusted, long-term returns on average.
(C)Shares of firms that have reported positive earnings surprises have had positive abnormal returns on average over the period after the earnings announcement.

Equity Investments · Mock 1 08 / 22

Hướng dẫn tư duy · Câu 8

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Shares purchased in the open market when IPO shares begin trading have actually underperformed in the long run on a risk-adjusted basis, not outperformed.
02The January and earnings surprise effects are among the market anomalies that have been identified.

Equity Investments · Mock 1 08 / 22

Đáp án · Câu 8

Đáp án đúng

Purchasing shares of an initial public offering when they first start trading produces positive risk-adjusted, long-term returns on average.

Giải thích

Shares purchased in the open market when IPO shares begin trading have actually underperformed in the long run on a risk-adjusted basis, not outperformed. The January and earnings surprise effects are among the market anomalies that have been identified.

Equity Investments · Mock 1 09 / 22

Câu 9 / 22

An investor bought a stock on margin one year ago when its price was $50. The margin requirement was 60%. The current price of the stock is $75. The interest rate on the margin loan was 10%. Ignoring transactions costs, the investor's net return on this transaction is closest to:

(A)76.67%.
(B)83.33%.
(C)115.00%.

Equity Investments · Mock 1 09 / 22

Hướng dẫn tư duy · Câu 9

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Margin = 0.60 × $50 = $30 (equity) Interest on loan = 0.10 × $20 (debt) = $2 (75 − 50 − 2) / 30 = 76.67%

Equity Investments · Mock 1 09 / 22

Đáp án · Câu 9

Đáp án đúng

76.67%.

Giải thích

Margin = 0.60 × $50 = $30 (equity)

Interest on loan = 0.10 × $20 (debt) = $2

(75 − 50 − 2) / 30 = 76.67%

Equity Investments · Mock 1 10 / 22

Câu 10 / 22

Consider the following three stocks that constitute a stock market index.

Stock	Beginning price	Ending price	# Shares (000s)
X	200	250	100
Y	100	130	1,000
Z	10	11	20,000

Market value-weighted and price-weighted indexes would be most sensitive to which of these stocks?

(A)Both a market value-weighted index and a price-weighted index are most sensitive to Stock X.
(B)A market value-weighted index is most sensitive to Stock Z, and a price-weighted index is most sensitive to Stock X.
(C)A market value-weighted index is most sensitive to Stock Z, and a price-weighted index is most sensitive to Stock Y.

Equity Investments · Mock 1 10 / 22

Hướng dẫn tư duy · Câu 10

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01The value-weighted index is most sensitive to stocks with the highest market capitalization.
02Market capitalizations for the individual stocks are: Stock X: 250 × 100 = 25,000 Stock Y: 130 × 1,000 = 130,000 Stock Z: 11 × 20,000 = 220,000 Stock Z has the highest market capitalization.
03The price-weighted index is most sensitive to stocks with the highest price.

Equity Investments · Mock 1 10 / 22

Đáp án · Câu 10

Đáp án đúng

A market value-weighted index is most sensitive to Stock Z, and a price-weighted index is most sensitive to Stock X.

Giải thích

The value-weighted index is most sensitive to stocks with the highest market capitalization. Market capitalizations for the individual stocks are:

Stock X: 250 × 100 = 25,000

Stock Y: 130 × 1,000 = 130,000

Stock Z: 11 × 20,000 = 220,000

Stock Z has the highest market capitalization. The price-weighted index is most sensitive to stocks with the highest price. In this case, Stock X has the highest price at 250.

Equity Investments · Mock 1 11 / 22

Câu 11 / 22

Which of these statements about equity securities is most accurate?

(A)A firm that fails to pay a scheduled preferred stock dividend is considered to be in default.
(B)Other things equal, putable shares are more valuable to the shareholder than nonputable shares.
(C)When corporate matters are subject to a shareholder vote, each common share represents one vote.

Equity Investments · Mock 1 11 / 22

Hướng dẫn tư duy · Câu 11

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Putable shares are more valuable, other things equal, because the shareholder has the right to exercise.
02Firms may have different classes of common shares with varying degrees of voting power.
03Preferred dividends are not contractual obligations.

Equity Investments · Mock 1 11 / 22

Đáp án · Câu 11

Đáp án đúng

Other things equal, putable shares are more valuable to the shareholder than nonputable shares.

Giải thích

Putable shares are more valuable, other things equal, because the shareholder has the right to exercise. Firms may have different classes of common shares with varying degrees of voting power. Preferred dividends are not contractual obligations. A firm that fails to pay a scheduled preferred dividend is said to be in arrears, but not in default.

Equity Investments · Mock 1 12 / 22

Câu 12 / 22

Given the following assumptions about a company's financial estimates:

Earnings retention rate at 40%.
Required rate of return, ke, of 12.5%.
Return on equity (ROE) of 11%, expected to remain constant.
Estimated earnings per share (EPS) for next year of $2.75.

The company's estimated leading P/E ratio and share value are closest to:

	P/E ratio	Share value
A.	7.41	$20.40
B.	7.41	$18.65
C.	6.78	$18.65

(A)Answer A.
(B)Answer B.
(C)Answer C.

Equity Investments · Mock 1 12 / 22

Hướng dẫn tư duy · Câu 12

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01P/E ratio = Dividend payout / ( $k_{e}$ − g)
02Dividend payout = (1 − Retention rate) = 1 − 0.40 = 0.60
03g = Retention rate × ROE = 0.40 × 0.11 = 0.044, or 4.4%

Equity Investments · Mock 1 12 / 22

Đáp án · Câu 12

Đáp án đúng

Answer A.

Giải thích

P/E ratio = Dividend payout / ( $k_{e}$ − g)

Dividend payout = (1 − Retention rate) = 1 − 0.40 = 0.60

g = Retention rate × ROE = 0.40 × 0.11 = 0.044, or 4.4%

P/E = 0.60 / (0.125 − 0.044) = 7.41

$P_{0} = P / E \times EPS = 7.41 \times $ 2.75 = $ 20.38$

Equity Investments · Mock 1 13 / 22

Câu 13 / 22

Hal Peterson, CFA, is calculating an enterprise value for Shepherd Company. Peterson should most appropriately sum the market values of the firm's outstanding debt and equity:

(A)without adjustment.
(B)and subtract the value of its cash and short-term investments.
(C)and subtract the value of its goodwill and other intangible assets.

Equity Investments · Mock 1 13 / 22

Hướng dẫn tư duy · Câu 13

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Enterprise value = Market value of equity + Market value of debt − Cash and short-term investments.

Equity Investments · Mock 1 13 / 22

Đáp án · Câu 13

Đáp án đúng

and subtract the value of its cash and short-term investments.

Giải thích

Enterprise value = Market value of equity + Market value of debt − Cash and short-term investments.

Equity Investments · Mock 1 14 / 22

Câu 14 / 22

A technical analyst believes that fundamental analysis cannot be used to earn positive risk-adjusted returns in the equities market but that technical analysis of price trends and chart formations can be used to earn positive risk-adjusted returns. It is most accurate to say the analyst believes markets are:

(A)neither weak-form nor semi-strong form efficient.
(B)weak-form efficient but not semi-strong form efficient.
(C)semi-strong form efficient but not strong-form efficient.

Equity Investments · Mock 1 14 / 22

Hướng dẫn tư duy · Câu 14

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Because the analyst believes historical price information can be used to produce positive risk-adjusted returns on average, she believes weak-form market efficiency does not hold.
02If any public information (including price information) can be used to earn positive risk-adjusted returns, market prices are not semi-strong form efficient.

Equity Investments · Mock 1 14 / 22

Đáp án · Câu 14

Đáp án đúng

neither weak-form nor semi-strong form efficient.

Giải thích

Because the analyst believes historical price information can be used to produce positive risk-adjusted returns on average, she believes weak-form market efficiency does not hold. If any public information (including price information) can be used to earn positive risk-adjusted returns, market prices are not semi-strong form efficient.

Equity Investments · Mock 1 15 / 22

Câu 15 / 22

A secondary securities market in which liquidity is provided by those seeking to trade is most appropriately referred to as:

(A)a quote-driven market.
(B)an order-driven market.
(C)an over-the-counter market.

Equity Investments · Mock 1 15 / 22

Hướng dẫn tư duy · Câu 15

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Liquidity is provided by other traders in an order driven market where buy and sell orders are matched according to order matching rules and pricing rules.
02In a quote- driven or over-the-counter market, liquidity is provided by dealers in the specific security.

Equity Investments · Mock 1 15 / 22

Đáp án · Câu 15

Đáp án đúng

an order-driven market.

Giải thích

Liquidity is provided by other traders in an order driven market where buy and sell orders are matched according to order matching rules and pricing rules. In a quote- driven or over-the-counter market, liquidity is provided by dealers in the specific security.

Equity Investments · Mock 1 16 / 22

Câu 16 / 22

An investor in the United States purchases receipts on a U.S. exchange that each represent ownership of 1.7 shares of a firm that trades on the Bulgarian Stock Exchange. If the investor has the right to vote the shares, he has most likely purchased:

(A)global depository receipts.
(B)sponsored depository receipts.
(C)global registered shares.

Equity Investments · Mock 1 16 / 22

Hướng dẫn tư duy · Câu 16

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01With sponsored depository receipts, the investor has the right to vote the shares held by the depository institution.
02Global depository receipts are not traded in U.S. markets.
03Global registered shares are single shares that trade in local currencies on exchanges in different countries.

Equity Investments · Mock 1 16 / 22

Đáp án · Câu 16

Đáp án đúng

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Larger numbers of market participants and a greater amount of available information tend to make markets more efficient.
02Arbitrage trading increases market efficiency but can be impeded by restrictions on short selling.
03Higher transactions costs tend to make markets less efficient.

Equity Investments · Mock 1 17 / 22

Đáp án · Câu 17

Đáp án đúng

the number of participants and the amount of available information.

Giải thích

Larger numbers of market participants and a greater amount of available information tend to make markets more efficient. Arbitrage trading increases market efficiency but can be impeded by restrictions on short selling. Higher transactions costs tend to make markets less efficient.

Equity Investments · Mock 1 18 / 22

Câu 18 / 22

Hope Company has grown from a small-capitalization firm to a mid-capitalization firm. In which type of equity index is Hope most likely to be added or removed as a result?

(A)Style index.
(B)Sector index.
(C)Multi-market index.

Equity Investments · Mock 1 18 / 22

Hướng dẫn tư duy · Câu 18

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Indexes of small-cap or mid-cap stocks are classified as style indexes.
02Sector indexes are defined based on industry sectors.
03Multi-market indexes refer to those that include stocks from more than one country.

Equity Investments · Mock 1 18 / 22

Đáp án · Câu 18

Đáp án đúng

Style index.

Giải thích

Indexes of small-cap or mid-cap stocks are classified as style indexes. Sector indexes are defined based on industry sectors. Multi-market indexes refer to those that include stocks from more than one country.

Equity Investments · Mock 1 19 / 22

Câu 19 / 22

Assuming that asset prices are semistrong-form efficient, the portfolio manager:

(A)can add no value.
(B)can add value by recommending an appropriate asset allocation.
(C)can add value using fundamental analysis, but not by using technical analysis.

Equity Investments · Mock 1 19 / 22

Hướng dẫn tư duy · Câu 19

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01Even if asset prices are semistrong-form efficient so that neither fundamental nor technical analysis can add value
02the portfolio manager can add value by matching the portfolio asset allocation to the client's needs and risk tolerance
03based on capital market expectations.

Equity Investments · Mock 1 19 / 22

Đáp án · Câu 19

Đáp án đúng

can add value by recommending an appropriate asset allocation.

Giải thích

Even if asset prices are semistrong-form efficient so that neither fundamental nor technical analysis can add value, the portfolio manager can add value by matching the portfolio asset allocation to the client's needs and risk tolerance, based on capital market expectations.

Equity Investments · Mock 1 20 / 22

Câu 20 / 22

Based on the information in the following table:

Security	Shares Outstanding	Price 12/31/20X1	Price 3/31/20X2	Dividends Paid During the Quarter
Acme Inc.	2 million	$31.00	$34.10	$0.30
Baker Ltd.	3 million	$28.00	$33.60	$0.70
Charlie Corp.	5 million	$42.00	$35.70	$0.40

The type of index for these three securities that will have the greatest price return is a:

(A)price-weighted index.
(B)market value-weighted index.
(C)equal-weighted arithmetic index.

Equity Investments · Mock 1 20 / 22

Hướng dẫn tư duy · Câu 20

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01With returns of +10% for Acme, +20% for Baker, and −15% for Charlie, the equal weighted return (which puts relatively less weight on Charlie than price-weighted or market value weighted) has the best return.
02 $Price - weighted index return = \frac{34.1 + 33.6 + 35.7}{31 + 28 + 42} - 1 = 2.38 % Market value - weighted return = \frac{(2 \times 34.1) + (3 \times 33.6) + (5 \times 35.7)}{(2 \times 31) + (3 \times 28) + (5 \times 42)} - 1 = - 2.39 % Equal - weighted return = \frac{(\frac{34.1}{31} - 1) + (\frac{33.6}{28} - 1) + (\frac{35.7}{42} - 1)}{3} = 5.0 %$

Equity Investments · Mock 1 20 / 22

Đáp án · Câu 20

Đáp án đúng

equal-weighted arithmetic index.

Giải thích

With returns of +10% for Acme, +20% for Baker, and −15% for Charlie, the equal weighted return (which puts relatively less weight on Charlie than price-weighted or market value weighted) has the best return.

$Price - weighted index return = \frac{34.1 + 33.6 + 35.7}{31 + 28 + 42} - 1 = 2.38 % Market value - weighted return = \frac{(2 \times 34.1) + (3 \times 33.6) + (5 \times 35.7)}{(2 \times 31) + (3 \times 28) + (5 \times 42)} - 1 = - 2.39 % Equal - weighted return = \frac{(\frac{34.1}{31} - 1) + (\frac{33.6}{28} - 1) + (\frac{35.7}{42} - 1)}{3} = 5.0 %$

Equity Investments · Mock 1 21 / 22

Câu 21 / 22

Alexa Fiedler has issued the following orders to her broker when GMB Corp. is trading at 29 and RML Corp. is trading at 17:

1. Buy 200 shares of GMB if the price increases to 31.

2. Sell 400 shares of RML for 16 or more.

Fiedler has issued what types of orders?

	GMB	RML
A.	Limit buy	Limit sell
B.	Stop buy	Limit sell
C.	Limit buy	Stop sell

(A)Answer A.
(B)Answer B.
(C)Answer C.

Equity Investments · Mock 1 21 / 22

Hướng dẫn tư duy · Câu 21

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01A stop buy order at 31 is an order to buy if/when the price rises to 31
02a limit sell is an order to sell a stock as soon as possible at the limit price or higher.

Equity Investments · Mock 1 21 / 22

Đáp án · Câu 21

Đáp án đúng

Answer B.

Giải thích

A stop buy order at 31 is an order to buy if/when the price rises to 31; a limit sell is an order to sell a stock as soon as possible at the limit price or higher.

Equity Investments · Mock 1 22 / 22

Câu 22 / 22

Marc Juneau, CFA, an equity analyst, is valuing Nova Games, Inc. He expects the company to grow at 30% for three years. Beginning in year 4, the growth rate is expected to reach 7% and stabilize. The required return for this type of company is estimated at 13%. The dividend in year 1 will be $3.00. The value Juneau should calculate for the stock of Nova Games is closest to:

(A)$65
(B)$72
(C)$87

Equity Investments · Mock 1 22 / 22

Hướng dẫn tư duy · Câu 22

Đọc đề và định hướng phân tích.

Các bước suy luận then chốt trước khi chọn đáp án.

01The high "supernormal" growth in the first three years and the decrease in growth thereafter signals that we should use a combination of the multi-period and finite dividend growth models (DDM) to value the stock.
02Step 1: Determine the Dividend stream through year 4.
03D1 = $3.00 (given)

Equity Investments · Mock 1 22 / 22

Đáp án · Câu 22

Đáp án đúng

$72

Giải thích

The high "supernormal" growth in the first three years and the decrease in growth thereafter signals that we should use a combination of the multi-period and finite dividend growth models (DDM) to value the stock.

Step 1: Determine the Dividend stream through year 4.

D1 = $3.00 (given)

D2 = D1 × (1 + g) = $3.00 × 1.3 = $3.900

D3 = D2 × (1 + g) = $3.90 × 1.3 = $5.070

D4 = D3 × (1 + g) = $5.07 × 1.07 = $5.425

Step 2: Calculate the value of the stock at the end of year 3 (using D4).

$P 3 = D 4 / (k_{e} - g) = $ 5.425 / (0.13 - 0.07) = $ 90.42$

Step 3: Calculate the PV of each cash flow stream at ke = 13%, and sum the cash flows.

			Calculator Keystrokes		Result
CF Stream	Formula	FV1 =	N =	I/Y =	PV =
D1	$3.00 / {(1.13)}^{1}$	-3.00	1	13	2.65
D2	$3.90 / {(1.13)}^{2}$	-3.90	2	13	3.05
D3	$5.07 / {(1.13)}^{3}$	-5.07	3	13	3.51
P3	$90.42 / {(1.13)}^{3}$	-90.42	3	13	62.67
Total					71.88

Equity
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22 câu.