Diketahui :

Zero-Growth
Par Value £ 50
Dividend Pay £ 7.50
Required Return 8%

A) What is the market value of the outstanding preferred stock?

Po=Dt/r
Dt=Deviden yang terakhir dibagikan
r=required return
Maka,
Po= 7,50 / 8% £ 93.75

B) If an investor purchased the preferred stock at the value calculated in part a and sells the stock when the requir
Dt £ 7.50
Required Return 6%
Maka,
Po= 7,50 / 6% £ 125.00

Harga Waktu Beli £ 93.75

Harga Jual Saham £ 125.00
Gain £ 31.25

Jika investor menjual saham yang dibelinya sebesar 93,75 dan menjualnya sebesar 125 maka investor akan men
lls the stock when the required return on the similar risk preferred stocks has fallen to 6%? Explain

125 maka investor akan mengalami Gain sebesar 31,25 pada penjualan sahamnya tsb
 Diketahui:
Consant-Growth
D1 $ 0.72
g 7%
r1 10%
r2 8%

A) What will be the price per share if the required return is 10%
Po= D1 / (r-g)
D1= Do x (1+g)^1

Maka,
D1 = 0,72 (1+7%)^1 0.7704
Po = 0,72/(10%-7%) $ 24.00

B) What will be the price per share if the required return is 8%

Po= D1 / (r-g)
D1= Do x (1+g)^1

Maka,
D1 = 0,72 (1+7%)^1 0.7704
Po = 0,72/(8%-7%) $ 72.00

C) Based your answer in parts a dan parts b, give one a disadvantage of the constant growth model
Diketahui:
Variabel - Growth
Do $ 3.40
g1 5% n=2
g2 15% n=1
g3 10% n=(3+1) atau 4 sdt
r 14%
Step 1 Step 2
Year Do (1+g)^t Dt=Do x (1+g)^t PVIF=(1+r)^-t PV.Dt
1 $ 3.40 1.0000 $ 3.40 0.8772 $ 2.98
2 $ 3.40 1.0500 $ 3.57 0.7695 $ 2.75
3 $ 3.40 1.1025 $ 3.75 0.6750 $ 2.53
4 $ 3.75 1.1500 $ 4.31 0.5921 $ 2.55
$ 10.81
5 $ 4.31 1.10 $ 4.74 0.5194 $ 2.46

Step 3
PV.PN DN+1 x (1+r)^-n
rg-g
PV.P4 D5 x (1+14%)^-4
14%-10%
PV.P4 $ 4.74 0.5921
4%
PV.P4 $ 70.19

Step 4
Po = (PV.Dt) + (PV.PN)
Po = $3.179,97 + $20.642,80
Po $ 81.00