请问1-b不是=1-40%=0.6吗？

问题如下：

Company M is expecting to pay 40% of its net income as dividend to shareholders, with a long-term growth rate of 5.5%. The discount rate is 8.2%. What`s the justified leading P/E according to the Gordon growth model?

选项：

A.

14.81

B.

17.31

C.

22.22

解释：

A is correct.

考点：Gordon Growth Model

解析：根据公式：$Justified\;leading\;P/E=\frac{P_0}{E_1}=\frac{1-b}{r-g}=\frac{40\%}{8.2\%-5.5\%}=14.81$