NO.PZ201810160100000104
问题如下：
Based on Exhibit 1 and Yeta’s target capital structure, the total dividend that Yeta would have paid last year under a residual dividend policy is closest to:
选项：
A.$77 million.
B.$112 million.
C.$175 million.
解释：
A is correct. The dividend under a residual dividend policy would be $77 million, calculated as follows:
B is incorrect because $112 million incorrectly subtracts financing from new debt rather than financing from retained earnings in the calculation of dividend paid:
C is incorrect because $175 million incorrectly uses net income before taxes rather than net income after taxes (earnings) in the calculation:
为什么Capex是按照资本结构划分的呢？
公司目标资本结构是D/E=4/6，投资支出CAPEx=175mn，因此来自权益的部分是175*60%=105mn。
