问题 问答题

股票市场预期A公司的股票股利将在未来3年内高速增长,增长率达15%,以后转为正常增长,增长率为10%,已知A公司最近支付的股利为每股3元,投资者的最低报酬率为12%.试计算该公司股票目前的市场价值。

答案

参考答案:

未来第一期股利3×(1+15%)=3.45(元)。 

按照股利增长模型计算的第4年初股利现值=3×(1+15%)^3×(1+10%)÷(12%-10%)=250.94(元)。 

股票当前市场价值=250.94÷(1+12%)^3+3.45÷(1+12%)+3.45×(1+15%)÷(1+12%)^2+3.45×(1+15%)^2÷(1+12%)^3=188.10(元)。

完形填空

When July comes, children know they’ll have ________(1) examinations and the school year will end soon. Boys and girls will have a nearly two months’ holiday, and they’ll leave school ________(2) train or by car to ________(3) to see their fathers and mothers .
The summer holidays are the ________(4) time of the year for most children. The weather is usually good, so one can ________(5) most of his time playing outside. If one lives in the country, he can ________(6) into the woods and in the fields. If one lives in a big town, he can usually go to a park to play.
The best place for a summer holiday is the ________(7). Some children are ________(8) enough to live near the sea. But for the others who do not, if they have the chance to stay at one of the big seaside towns for a week or two, they will talk about it all the following school year.
Now, ________(9) makes children like the seaside so much? I think it is the sand, the sea and the sun, not anything else. Of course, there are ________(10) new things to see, nice things to eat, and interesting things to do. But the feeling of sand under their feet, of salt water on their skin, and the feeling of the warm sun on their backs make them happier.
小题1:
A.theyB.themC.theirsD.their
小题2:
A.onB.byC.inD.at
小题3:
A.go to townB.go to the parksC.leave homeD.return home
小题4:
A.bestB.betterC.worstD.worse
小题5:
A.takeB.useC.spendD.waste
小题6:
A.go outB.go onC.go backD.go away
小题7:
A.villageB.seasideC.cityD.park
小题8:
A.luckyB.sadC.worriedD.quiet
小题9:
A.thatB.whichC.whoD.what
小题10:
A.littleB.muchC.lots ofD.no
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