"quantity"exercise:Discounted Cash Flow Applications

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Questions 1:

An investor purchases 100 shares of stock at $40 per share. The investor holds the shares for exactly one year and then sells all of them at $41.50 per share. On the date of sale, the investor receives dividends totaling $200. The holding period return (HPR) on the investment is closest to:

A 、8.75%.

B、 3.75%.

C、 8.43%.

Questions 2:

When testing a hypothesis, the power of a test is best described as the:

A 、same as the level of significance of the test.

B、 probability of rejecting a true null hypothesis.

C、 probability of correctly rejecting the null hypothesis.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. HPR = (P1 – P0 + D1)/P0. In this problem: (41.50 – 40 + 2)/40 = 8.75%.

B is incorrect; it is calculated as (41.50 – 40)/40 = 3.75% (ignores dividends).

C is incorrect; it is calculated as (41.50 – 40 + 2)/41.50 = 8.43% (wrong denominator)

【Answer to question 2】C

【analysis】

C is correct. The power of a test is the probability of correctly rejecting the null hypothesis—that is, the probability of rejecting the null when it is false.

A is incorrect because this is the definition of Type I error.

B is incorrect because this is in fact a Type I error.

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