USCPA每日一练之BEC【2015-11-18】

高顿网校2015-11-18 16:01Lynn.yu
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　　Fernwell wants to buy shares of Gurst Company in two years. Fernwell uses a constant growth dividend discount model with a presumed dividend growth rate of 5%. If Fernwell’s discount rate is 10% and Gurst’s current year dividend is $20, what is the approximate price Fernwell will pay?

　　a. $400

　　b. $420

　　c. $441

　　d. $463

　　Answer:D

　　Choice “d” is correct. Fernwell will pay approximately $463, computed as follows:

　　Pt=D(t+1)/(R-g)

　　D(t+1)=$20*(1.05)^2

　　D(t+1)=$22.05

　　Pt=($22.05*1.05)/(0.10-0.05)=$463

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