NO.PZ201710200100000202
问题如下：
2. Using her first valuation approach and Exhibit 1, Withers’s forecast of the per share stock value of Ukon Corporation at the end of 2017 should be closest to:
选项：
A.EUR 48.
B.EUR 50.
C.EUR 51
解释：
C is correct based on Withers’s assumptions applied to the dividend valuation model. The stock value as of the end of 2017 equals the present value of all future dividends in 2018 through 2021 plus the present value of the terminal value at the end of 2021. The forecasted stock value equals EUR 51.254:
60.795
44.686
2022
2.815(1.03) = 2.899
Total
51.254
The terminal value at the end of 2021 is calculated using the dividend in the first year beyond the first stage, divided by the difference between the required rate of return and the growth rate in the second stage.
Terminal value at end of 2021 = 2.815*(1.03)/ ( 0.08−0.03 ) =57.980
如题，我自己用计算器得出的答案是55点多，和选项对不上，想看看是哪一步有问题
