NO.PZ2023032701000061
问题如下：
Use the following inputs and the finite horizon form of the residual income model to compute the value of Southern Trust Bank (STB) shares as of31 December 2007:
• ROE will continue at 15 percent for the next five years (and 10 percent thereafter) with all earnings reinvested (no dividends paid).
• Cost of equity equals 10 percent.
• B0 = $10 per share (at year-end 2007).
• Premium over book value at the end of five years will be 20 percent.
The value would be:
选项：
A. $15.01
$15.18
$15.39
解释：
请问这道题计算 terminal value 的时候，我看到答案是用的P/B乘数的计算方法。但是5年以后的ROE是10%，等于r_e，那可不可以认为5年之后每年的RI=(ROE-r_e)*B=0，那么terminal value =PVRI5就等于零？
