NO.PZ2022122601000073
问题如下：
Fiske prefers to forecast the average annual return for US large-cap equities over the next 10 years using the Grinold–Kroner model and the data in Exhibit 2.
Using the data in Exhibit 2 and Fiske’s preferred approach, the estimated expected annual return for US large-cap equities over the next 10 years is closest to:
选项：
A.7.9%
B.7.6%
C.7.4%
解释：
Correct Answer: B
The Grinold–Kroner model formula is E(R) = D/P ‒ ∆S + i + g + ∆P/E
First, compute the compound annual growth rate of the P/E: (15.0/15.6)1/10 – 1 = ‒0.4%.
Next, compute, as a percentage, the expected return per the Grinold–Kroner model formula:
E(R) = 2.1 ‒ (‒1.0) + 2.3 + 2.6 – 0.4 = 7.6
中文解析：
Grinold-Kroner模型公式为E(R) = D/P -∆S + i + g +∆P/E
首先，计算市盈率的复合年增长率:(15.0/15.6)1/10 - 1 = - 0.4%。
接下来，根据Grinold-Kroner模型公式，以百分比计算预期收益:
E(r) = 2.1 - (- 1.0) + 2.3 + 2.6 - 0.4 = 7.6
为什么-（-1%），为什么不直接加1%
