问题
单项选择题
Assume that a firm has an expected dividend payout ratio of 20%, a required rate of return of 9% , and an expected dividend growth of 5%. What is the firm's estimated price-to-earnings (P/E) ratio（）
A. 5.00.
B. 10.00.
C. 20.00.
答案
参考答案：A
解析：
The price-to-earnings (P/E) ratio is equal to (D1/E1)/(k-g)=0.2/(0.09-0.05)=5.00.