问题
单项选择题
Use the following information to determine the value of River Gardens' common stock:
Expected dividend payout ratio is 45 percent.
Expected dividend growth rate is 6.5 percent.
River Gardens' required return is 12.4 percent.
Expected earnings per share next year are $3.25.（）
A. $27.25.
B. $24.80.
C. $19.67.
答案
参考答案：B
解析：
First, estimate the price to earnings (P/E) ratio as: (0.45)/(0.124-0.065)=7.63. Then, multiply the expected earnings by the estimated P/E ratio: $3.25×7.63=$24.80.
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