NO.PZ2016012005000029
问题如下:
The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.
选项:
A.$0.68.
B.$0.80.
C.$0.85.
解释:
A is correct.
Expected dividend = Previous dividend + (Expected earnings ×Target payout ratio – Previous dividend) × Adjustment factor)=$0.60+($4×0.25-$0.6)×0.2=$0.68
解题和书里的公式都是算每年均摊的div然后往上加。我第一次看这类型题的时候是这么解的 第五年目标eraning (4)=去年earning(3) x (1+g) 五次方,然后算出(1+g)再去乘去年的div=今年div。 这样哪里不对呢?