问题如下：
A non-convertible, non-redeemable preferred stock with constant dividend is valued by two analysts but the results turn out to be different.The most likely reason for the difference is that analysts use a different:
选项：
A.Expected dividend growth rate.
B.required rates of return.
C.Time horizon.
解释：
B is correct.
The required rate of return, which can vary greatly depending on the input, is not unique. Preferred stock with a fixed dividend will not be affected by the growth rate, and the investor's time horizon will not have an impact on the intrinsic value's calculation.
请问求要求回报率的过程为啥是非常主观的呀？不都是CAPM模型吗？
