裢典降餐多产孝 公司理财 13.Over the past 10years,the dividends of Party Time,Inc.have grown at an annual rate of 15 percent.The current(Do)dividend is $3 per share.This dividend is expected to grow to 3.40 next year,then grow at an annual rate of 10 percent for the following 2 years and 6 percent per year thereafter.You require a 15 percent rate of return on this stock. a)What would you be willing to pay for a share of Party Time stock today? b)What price would you anticipate the stock selling for at the beginning of year 3? c)If you anticipate selling the stock at the end of 2 years,how much would you pay for it today? 14.The chairman of Haller Industries told a meeting of financial analysts that he expects the firm's earning and dividends to double over the next 6 years.The firm's current(that is,as of year 0) earnings and dividends per share are $4.00 and $2.00 respectively. a)Estimate the compound annual dividend growth rate over the 6-year period to the nearest whole percent). b)Forecast Heller's earnings and dividend per share for each of the next 6 years,assuming that they grow at the rate determined in Part a. c) Based on the constant growth dividend valuation model.determine the current value of a share of Heller Industries common stock to an investor who requires an 18 percent rate of return. 15.Zabberer Corporation bonds pay a coupon rate of interest of 12 percent annually and have a maturity value of $1,000.The bonds scheduled to mature at the end of 14 years.The company has the option to call the bonds in 8 years at a premium of 12 percent above the maturity value. You believe the company will exercise its option to call the bonds at that time.If you require a pretax return of 10 percent on bonds of this risk,how much would you pay for one of these bonds today? 16.You have estimated the following probability distributions of expected future returns for Stock X and Y: Stock X Stock Y 第3页共5页公司理财 13. Over the past 10years, the dividends of Party Time, Inc. have grown at an annual rate of 15 percent. The current (D0) dividend is $3 per share. This dividend is expected to grow to 3.40 next year, then grow at an annual rate of 10 percent for the following 2 years and 6 percent per year thereafter. You require a 15 percent rate of return on this stock. a) What would you be willing to pay for a share of Party Time stock today? b) What price would you anticipate the stock selling for at the beginning of year 3? c) If you anticipate selling the stock at the end of 2 years, how much would you pay for it today? 14. The chairman of Haller Industries told a meeting of financial analysts that he expects the firm’s earning and dividends to double over the next 6 years. The firm’s current (that is, as of year 0) earnings and dividends per share are $4.00 and $2.00 respectively. a) Estimate the compound annual dividend growth rate over the 6-year period ( to the nearest whole percent). b) Forecast Heller’s earnings and dividend per share for each of the next 6 years, assuming that they grow at the rate determined in Part a. c) Based on the constant growth dividend valuation model, determine the current value of a share of Heller Industries common stock to an investor who requires an 18 percent rate of return. 15. Zabberer Corporation bonds pay a coupon rate of interest of 12 percent annually and have a maturity value of $1,000. The bonds scheduled to mature at the end of 14 years. The company has the option to call the bonds in 8 years at a premium of 12 percent above the maturity value. You believe the company will exercise its option to call the bonds at that time. If you require a pretax return of 10 percent on bonds of this risk, how much would you pay for one of these bonds today? 16. You have estimated the following probability distributions of expected future returns for Stock X and Y: Stock X Stock Y 第 3 页 共 5 页