问题
单项选择题
The following data pertains to an investor's stock:
The stock will pay no dividends for two years.
The dividend three years from now is expected to be $1.
Dividends are expected to grow at a 7% rate from that point onward.
If the investor requires a 17 percent return on their investments, how much will the investor be willing to pay for this stock now（）
A. $6.24.
B. $7.31.
C. $8.26.
答案
参考答案：B
解析：
Time line=$0 now; $0 in year 1; $0 inyear2; $1 in year 3.
Note that the price is always one year before the dividend date. Solve for the PV of $10 to be
received in two years. FV=10; N=2; I=17; CPT→PV=$7.31.