<no

<mo
<mo
ww
WOO
Oo
n
The the similar com per stock the c h
a for the end of the last e
2:
Average the book value of
the market
the basis) and the expected return on WI amount to 159 Socks of the
average 1.3 beta (against WIG) What is the value of one n ces its last cash flow to the equity w PLN 7 million, as
calculated d itexpected that both free cash flows and debt will be rising at the common and
50
6 Dye &
The onuity realized in the last period is an th e h ead 25 000 . There are 500 000 shares of the company s
ding to the plier model, at the beginning of the current 425
D) 0.68 deng a n dit may rive or fall by 16% in each period. The sk-free
n d What is the value of a call on the stock if the exercise price t h 4 met VC) 1728
D) 17.54
the
A
34
N
b
a
Current shock
is the Is PLN 40, and the
o A) 17.35
How many call should be to make a portfolio consisting of 12 shares (long position) and a short position in the pros
free of the nisk if the rise price of the option is 50,00 and the stock price may rise to 52.20 or fail to 33,80 at the end of
the me t hormon round any sub results to at least four decimal points? A) 79
C) 53
(D) 48 Price in the Black-Scholes Merto model a Luropean put option on a stock paying dividends under a stable
dividend policy with the retention ratio of 94%. The stock costs at present mu. 50. The annualized volatility of the
stock i 30N, time to expiration 3 months, exercise price mu 55, risk-free rate 4,5% (on the annual basis) A) 1.18 B
6.31 C 5.78
D) 1.39 (some values of standard normal cdf are provided in the Table 1 at the end of this test)

76
A company has paid a dividend of a 5 (per share) and it is planned to increase the dividend by
6% during the neares year. In the subsequent years the following dividends will be paid: 6 in two
years, als in three years and 4 in four years. Then a constant growth at the rate of 7% annually
is expected. Calculate the stock price if investors
quire a return of 9% yearly A) 237.92 B) 170.53 C) 232.92

D) 175.53