1. The returns on your portfolio over the last 5 years were -5%, 20%, 0%, 10% and 5%. What is the arithmetic average return?
2. Charles has a dividend yield of 4% and an expected long-term growth rate of 2.5%. Using the DGM what is the market-implied discount rate?
3. Under what conditions must a distinction be made between to be received today and money to be received in the future?