NO.PZ2023052407000004
问题如下：
Suppose Mylandia announces that it expects significant cash flow growth over the next three years, and now plans to increase its recent CAD2.40 dividend by 10 percent in each of the next three years. Following the 10 percent growth period, Mylandia is expected to grow its annual dividend by a constant 3 percent indefinitely. Mylandia’s required return is 8 percent. Based upon these revised
expectations, The expected share price of Mylandia stock is:
选项：
A.CAD49.98
B.CAD55.84
C.CAD59.71
解释：
C is correct. Following the first step, we observe the following expected dividends for Mylandia for the next three years:
The second step involves a lower 3 percent growth rate. At the end of year four, Mylandia’s dividend (D4) is expected to be CAD3.29 (=2.40×1.103×1.03). At this time, Mylandia’s expected terminal value at the end of three years is CAD65.80 using Equation 17, as follows:
Third, we calculate the sum of the present values of these expected dividends using Equation 16:
没太理解这道题的逻辑，D4为什么这么算呢？
