NO.PZ201710200100000210
问题如下:
10. Based on Exhibit 4 and Intern 1’s estimate of the required rate of return and the dividend growth rate for the first four years, the growth rate beyond the first four years consistent with the current price of USD 52 is closest to:
选项:
A.3.80%.
B.4.17%.
C.4.23%.
解释:
B is correct. The candidate can arrive at the answer one of two ways. The first way is to use Equation 19 and solve for gL:
Insert the known values:
Solve for gL: gL = 4.172%
Check: 52.00
The second way is to use Equation 19 and substitute the different choices to
determine the value that produces a value of USD 52 per share:
是否能用代入法把答案带入到general two stage model中,而不用H model