问题如下：
6. Given Skylark’s current capital structure and Miller’s assumption about the dividend’s effect on the cost of equity, initiating a dividend will result in a price-to-earnings multiple closest to:
选项：
A. 16.7.
B. 20.0.
C. 25.0.
解释：
C is correct.
The Gordon growth model can be used to calculate the P/E as the payout ratio divided by the difference between cost of equity and growth. In this case, the payout ratio would be 50%, cost of equity would drop from the current 10% (see table) to 9%, and the growth rate is 7%. The leading P/E is 0.5/(0.09 – 0.07) = 25×.
这道题的考点是哪里？
