问一道题：NO.PZ201710200100000204

问题如下：

4. Under her Scenario 1 and based on Exhibit 2, the required rate of return that Withers used for Venus Company stock valuation is closest to:

选项：

8.0%.

9.6%.

10.0%.

解释：

C is correct, based on Exhibit 2 and the H-model.

Estimate the required rate of return using Equation:

r = (D₀/P₀)[(1 + g_L) + H (g_S - g_L)] + g_L

Substitute the following:

D₀ = 3.15

g_S = 8%

g_L = 4%

H = 4 ÷ 2 = 2

The model thus produces

r =(3.15/58.79) [(1 + 0.04) + 2 (0.08 - 0.04)] + 0.04

= (0.053581 × 1.12) + 0.04

= 0.060010 + 0.04 = 0.10001 ≈ 10%