NO.PZ2023040402000014
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.
$0.80.
$0.85.
解释：
The estimated dividend per share is $0.68.
Previous DPS = $0.60
Expected increase in EPS = $4 – $3 = $1
Target payout ratio = 0.25
Five-year adjustment factor = 1/5 = 0.2
Expected dividend = Previous dividend + (Expected earnings×Target payout ratio–Previous dividend)×Adjustment factor
= $0.60 + [($4.00×0.25–$0.60)×0.2] = $0.60 + $0.08 = $0.68
这道题本意是将payout ratio用三年时间提高到从20%（0.6/3=20%）提高25%，但是如果真的按照答案说的0.68，那payout ratio岂不是才0.68/4=17%，也就是说从20%降至17%了，违背初衷了（本意是提高payout ratio，现在反而降了）
