问题 问答题

某投资者准备投资购买一种股票,目前股票市场上有三种股票可供选择:

甲股票目前的市价为9元,该公司采用固定股利政策,每股股利为1.2元,甲股票的必要收益率为15%;

乙股票目前的市价为8元,该公司刚刚支付的股利为每股0.8元,预计第一年的股利为每股1元,第二年的每股股利为1.02元,以后各年股利的固定增长率为3%,乙股票的必要收益率为14%;

丙股票每年支付固定股利1.2元,目前的每股市价为13元,丙股票的必要收益率为12%。

要求:

投资者持有3年后以9元的价格出售,计算投资者购入该种股票的持有期年均收益率。

答案

参考答案:

8=1×(P/F,i,1)+1.02×(P/F,i,2)+[1.02×(1+3%)+9]×(P/F,i,3)

当i=16%时,1×(P/F,16%,1)+1.02×(P/F,16%,2)+[1.02×(1+3%)+9]×(P/F,16%,3)=8.06

当i=18%时,1×(P/F,18%,1)+1.02×(P/F,18%,2)+[1.02×(1+3%)+9]×(P/F,18%,3)=7.70

根据内插法:(18%-i)/(18%-16%)=(8-7.70)/(8.06-7.70)

解得:i=16.33%

阅读理解

Earlier this year, the Environmental Protection Agency proposed a stricter nationwide health standard for smog-causing pollutants that would bring substantial benefits to millions of Americans. With a final rule expected by the end of this month, some opponents, mainly from industrial and oil-producing states, are pushing back. They say investments required to produce cleaner air are too expensive and not scientifically justified.

Lisa Jackson, the E.P.A. administrator, needs to stick to her guns. This is only the first of several political tests to come this fall, as she also seeks to tighten rules governing individual pollutants like mercury and global warming gases like carbon dioxide.

The health standard she is proposing covers ground-level ozone, commonly known as smog, which is formed when sunlight mixes with pollutants from factories, refineries, power plants and automobiles. Ozone is a major health threat, contributing to heart disease and various respiratory (呼吸道的) problems.

Ms. Jackson’s proposal—to reduce the permitted level of smog in the air from the current 75 parts per billion to between 60 parts per billion and 70 parts per billion—is sensible, no matter what industry’s defenders may claim. It had been recommended by the agency’s independent scientific panel but rejected by the Bush administration, which proposed a weaker standard.

Industry will have to make investments in cleaner power plants, and new technologies may be required. As it is, about half the counties that monitor ozone levels are not yet in compliance with current standards, let alone the proposed standard.

Fears about burdening industry raised by critics like George Voinovich, a Republican of Ohio, and Mary Landrieu, a Democrat of Louisiana, cannot be dismissed out of hand, especially in the middle of a recession (萧条). But the health benefits, E.P.A. says, far outweigh the costs, and the time frame for compliance (服从) is generous.

小题1:Why are some people strongly against a stricter limitation of smog-caused pollutants?

A.Because they have to live a poorer life.

B.Because they think they have to spend more money.

C.Because they hold different political view.

D.Because they want to make more money.小题2: What does Ms Jackson propose to do?

A.To reduce the permitted smog level as much as possible.

B.To raise the permitted smog level as much as possible.

C.To keep the permitted smog level from 60 to 70 to 75 parts per billion.

D.To lower the permitted smog level from 75 to 60 to 70 parts per billion.小题3:What is the attitude of the author to the smog-controlling issue?

A.Objective.

B.Subjective.

C.Critical.

D.Unknown.小题4:Which of the following can serve as the best title of the whole passage?

A.Cleaner power plant on the way.

B.Say no to smog pollutants.

C.Lower smog pollutant, better our life.

D.Debate on smog pollutants.

单项选择题