问题
单项选择题
Study the following information about a stock, calculate the price earning ratio: Required rate of return: 15% Constant growth rate: 8% A return on equity: 12% The earning retention ratio: 20%（）
A. 3.8.
B. 4.7.
C. 5.6.
答案
参考答案：C
解析：
P/E = Dividend payout ratio/(k-g) Dividend payout ratio = 1 - retention ratio = 1-0.2=0.8 P/E =0.8×(0.15-0.08)=5.6
