问题如下图：
答案有问题吧，payout ratio不就是1—b吗 就应是40%吧
选项：
A. 
B. 
C. 
解释：
NO.PZ201710200100000107问题如下7. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, Peters’ teshoulconclu thCompany JZY’s stopriis most likely:A.unrvalueB.fairly valueC.overvalueC is correct. The sustainable growth rate of JZY sto= g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s impliegrowth rate of 5.3% is higher ththe sustainable growth rate of 4.9%. Consequently, the stois overvaluethis, the intrinsic value of the stowill less thits current market price. The current intrinsic value of JZY stois follows:V0 = [(1 + g)]/(r – g)= [0.84 (1.0490)]/(0.08 – 0.0490)= US$28.42 US$32.76.如何根据b和推导g？
NO.PZ201710200100000107 问题如下 7. Baseon the relationship between the impliegrowth rate anthe sustainable growth rate, Peters’ teshoulconclu thCompany JZY’s stopriis most likely: A.unrvalue B.fairly value C.overvalue C is correct. The sustainable growth rate of JZY sto= g = Retention ratio × ROE = 0.60 × 0.0817 = 4.9%. JZY stock’s impliegrowth rate of 5.3% is higher ththe sustainable growth rate of 4.9%. Consequently, the stois overvaluethis, the intrinsic value of the stowill less thits current market price. The current intrinsic value of JZY stois follows:V0 = [(1 + g)]/(r – g)= [0.84 (1.0490)]/(0.08 – 0.0490)= US$28.42 US$32.76. 怎么判断哪个g才是implieg？（李老师上课讲过，implieg相当于是用公式反推出来的g，用它跟expecteg对比，如果implieg更大，说明高估），那这题该如何判断呢？
NO.PZ201710200100000107 比如这道题，implieg更大（市场的更大，价格更大），所以高估，对吧？
NO.PZ201710200100000107 老师 5.3%这个条件是用不到是吗
Over the past 10 years, the company’s return on equity (ROE) haverage8.17% anits payout ratio haverage40%. 请问为从哪里可以看出，用过去10年的平均数据计算的g就是sustainable growth rate？
