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Pertimbangkan satu saham yang membayar dividen secara tahunan. Consider a stock which pays dividend annually. (a) Katakan dividen pertama d, dijangka berkembang secara positif selepas
Pertimbangkan satu saham yang membayar dividen secara tahunan. Consider a stock which pays dividend annually. (a) Katakan dividen pertama d, dijangka berkembang secara positif selepas itu pada kadar tahunan tetap g. Kadar pulangan tahunan yang dikehendaki pelabur adalah r dan ianya lebih tinggi daripada g. Tunjukkan bahawa nilai saham dapat dipermudahkan kepada: er Let the first dividend d, is expected to grow afterwards at a positive constant annual rate g. The investor's required annual rate of return isr and it is more than g. Show that the values of the stock can be simpified to: 15 Vo = di r-9 [6 markah] PC [6 marks] (b) lye S Seorang pelabur sedang mempertimbangkan untuk membeli 100 unit saham. Dividen pertama adalah RM0.05 seunit saham dan dijangka meningkat 15% selepas setiap dua tahun. Namun bermula dari tahun ketujuh, dividen dijangka meningkat daripada pendahulunya pada kadar tetap 5% setahun dalam perpetuiti. Hitung nilai kini bagi dividen jika kadar pulangan yang dikehendaki adalah 10% setahun. [9 markah] D ne ot An investor is considering to purchase 100 stocks. The first dividend is RM0.05 per stock and is expected to increase 15% after every two years. However beginning from the seventh year, the dividends are expected to grow than its predecessors at a constant rate of 5% per annum in perpetuity. Calculate the present value of the dividends if the required rate of return is 10% per annum. [9 marks] INC PH
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