问题如下:
Cow Company is expected to grow at 10% and 20% in the first two years, and the growth rate will decrease to 6% thereafter. Assume the rate of return is 10% and Cow's last dividend was $1, what's the value of Cow's common stock?
选项:
A. $29.
B. $30.
C. $31.
解释:
C iscorrect.
D01=1*(1.1)=1.1
D02=1*(1.1)*(1.2)=1.32
P02=1*(1.1)*(1.2)(1.06)/(0.1-0.06)=34.98
V=1.1/(1.1)+(1.32+34.98)/(1.1)^2=31
V=31
从P02=34.98 推出V 为什么要加上1.32?