Which of the following statements concerning security valuation is least accurate（）
A. A stock with a dividend last year of $ 3.25 per share, an expected dividend growth rate of 3.5%, and a required return of 12.5% is estimated to be worth $36.11.
B. A stock to be held for two years with a year-end dividend of $2.20 per share, an estimated
value of $20.00 at the end of two years, and a required return of 15% is estimated to be worth $18.70 currently.
C. A preferred stock with a dividend of $3.00 per share and a required return of 11.5% is estimated to be worth $ 26.09 currently.
参考答案：A
解析：
A stock with a dividend last year of $3.25 per share, an expected dividend growth rate of 3.5%, and a required return of 12.5% is estimated to be worth $37.33 using the DDM where P0=D1/(k-g). We are given D0=$3.25, g=3.5%, and k=12.5%. What we need to find is D1 which equals D0×(1+g) therefore D1=$3.25×1.035=$3.36 thus P0=3.36/(0.125-0.035)=$37.33.