a perpetual preferred stock makes its first quarterly dividend payment of $2 in five quarters.If the required annual rate of return is 6% compounded quarterly, the stock’s present value is closest to: a.31 b.126 c.133
永续年金就是2/1.5%是133。makes 1st quarterly dividend payment of $2 in 5 quarters是说第一笔股利支付发生在5个季度后，即133是5个季度后的现值，要想计算当前的现值，还要折现5个季度，但是我看答案中n是4，跪求大佬解答n为什么不是5呀！

第N年的Terminal Value 应该等于N+1年的Value除以r.
也就是说你用第5季度Div除以季度折现率得出的是第4季度的永续价值，所以还要折现4个季度才能算出现值。建议你再看看永续年金公式。