问题
单项选择题
A stock has a required rate of return of 15%, a constant growth rate of 10%, and a dividend payout ratio of 45%. The stock's price-earnings ratio should be:（）
A. 3.0 times.
B. 9.0 times.
C. 4.5 times.
答案
参考答案：B
解析：
P/E=D/E1/(k-g)
D/E1= Dividend Payout Ratio = 0.45
k=0.15
g=0.10
P/E=0.45/(0.15-0.10)=0.45/0.05=9
