问题如下图：
选项：
A. 
B. 
C. 
解释：
adjustment factor不应该是1/5吗？
NO.PZ2018101501000076问题如下Company M paia vinof $0.5 last year. For the current year, the earnings are expecteto $3.0. Suppose the target payout ratio is 30%, anuses a 4-yeperioto aust the vin What’s the expectevinfor the current year?A.$0.6B.$0.7C.$0.8A is correct.考点Payout Policies解析根据公式，Expectevin= previous vin+ (expecteearnings * target payout ratio - previous vin * austment factor = 0.5 + (3*30% - 0.5)*0.25 = $0.6算出来ltav=0.1，那么去年是0.5，今年0.6，下一年0.7吗
NO.PZ2018101501000076问题如下Company M paia vinof $0.5 last year. For the current year, the earnings are expecteto $3.0. Suppose the target payout ratio is 30%, anuses a 4-yeperioto aust the vin What’s the expectevinfor the current year?A.$0.6B.$0.7C.$0.8A is correct.考点Payout Policies解析根据公式，Expectevin= previous vin+ (expecteearnings * target payout ratio - previous vin * austment factor = 0.5 + (3*30% - 0.5)*0.25 = $0.6这是在讲义的哪部分啊？怎么感觉没听到这个部分？
NO.PZ2018101501000076 问题如下 Company M paia vinof $0.5 last year. For the current year, the earnings are expecteto $3.0. Suppose the target payout ratio is 30%, anuses a 4-yeperioto aust the vin What’s the expectevinfor the current year? A.$0.6 B.$0.7 C.$0.8 A is correct.考点Payout Policies解析根据公式，Expectevin= previous vin+ (expecteearnings * target payout ratio - previous vin * austment factor = 0.5 + (3*30% - 0.5)*0.25 = $0.6 老师您好，请问这句话“For the current year, the earnings are expecteto $3.0.”这个指的意思不是今年预计利润会达到3美元吗？那为什么题目又说花四年时间会达到预期想要调整的分红水平？
