The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of US$3.00 and paid a dividend of US$0.60 a share. This year it estimates earnings per share will be US$4.00. Find its dividend per share for this year if it has a 25% target payout ratio and uses a five-year period to adjust its dividend.
US$0.68.
US$0.80.
US$0.85.
(Institute 188)
Institute, CFA. 2018 CFA Program Level II Volume 3 Corporate Finance. CFA Institute, 07/2017. VitalBook file.
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此题计算课程给了两个公式
公式1 d0+（E1-E0）*payout ratio*factor
公式2 d0+（E1*payout ratio-d0）*factor
本题两个公式计算结果是不同的，应以哪个为准？
