NO.PZ2018101501000076
问题如下：
Company M paid a dividend of $0.5 last year. For the current year, the earnings are expected to be $3.0. Suppose the target payout ratio is 30%, and uses a 4-year period to adjust the dividend. What’s the expected dividend for the current year?
选项：
A.
$0.6
B.
$0.7
C.
$0.8
解释：
A is correct.
考点：Payout Policies
解析：根据公式，Expected dividend = previous dividend + (expected earnings * target payout ratio - previous dividend) * adjustment factor
= 0.5 + (3*30% - 0.5)*0.25
= $0.6
算出来deltaDiv=0.1，那么去年是0.5，今年0.6，下一年0.7吗
