NO.PZ2015122802000165
问题如下：
An investor is considering the purchase of a common stock with a $2.00 annual dividend. The dividend is expected to grow at a rate of 4 percent annually. If the investor’s required rate of return is 7 percent, the intrinsic value of the stock is closest to:
选项：
A.$50.00.
B.$66.67.
C.$69.33.
解释：
C is correct.
According to the Gordon growth model, V0 = D1/(r – g). In this case, D1 =$2.00 × 1.04 = $2.08, so V0 = $2.08/(0.07 – 0.04) = $69.3333 = $69.33.
考点：GGM
注意本题D0=2，D0是已经发放的或已经宣告发放的股利，是既定事实。我们给股票估值是把它未来产生的现金流进行估计预测然后折现，从D1开始都是未来预测的股利。The dividend is expected to grow at an annual rate of 4%，说的就是D1=D0（1+g）.
d1为什么=2X1.04呢？
