问题如下图：
选项：
A. 
B. 
C. 
这道题的答案中dividend=earnings-capital spending，capital spending为什么没有乘以Equity%in capital structure?
NO.PZ201601200500003302 40 percent. 60 percent. B is correct. Earnings available for vin = Earnings – Capitspenng = $25 million – $15 million = $10 million; $10 million/$25 million = 40 percent vinpayout ratio. 为什么不用9÷25这个9不能用吗？
NO.PZ201601200500003302 为什么就是减去15？减去capitspenng？
40 percent. 60 percent. B is correct. Earnings available for vin = Earnings – Capitspenng = $25 million – $15 million = $10 million; $10 million/$25 million = 40 percent vinpayout ratio. 老师，请问这个capitspenng 的15是哪里得出来的呢？谢谢
老师好， 这里“Assume thWilson Paper fun its capitspenng out of its estimatefull yeearnings.\" 这句是否理解为假设Wilson Paper 用全部的earnings 25M 去fun他们预测的capitspenng 15M 没有说capitspenng 里的目标equity 或内部融资Retaineearning 就是15M， 为啥这答案里就假设 target equity = $15 M而不是 $15M*0.65 （况且题目中还给了E ratio)? 谢谢。
题干中的entirly funout of earnings指的就是说资本预算全部来自于earning吗
