《第五章债券和股票的定价》.pptVIP

* * * * To find the PVGO note that the firm retains $3.50 out of the first year’s earnings to invest at 20%. This results in a positive NPV of $0.875. A growing perpetuity of these positive NPVs is worth $43.75 * * * * * * * No, it’s not exactly in the book, but it’s a great big world out there and you don’t want your students to learn this voodoo on the streets do you? Just delete the slide if you want to ignore it (I will). * * How is Gap doing today? * * * * * * * * * * * * * * * * * * * * * * * This type of problem separates the “A” students from the rest of the class. * * * * * * * * * *