这道题的过程可以写一下吗

嗨，努力学习的PZer你好：

解答如下：

The Grinold-Kroner model can be expressed as: E(Re) = (D/P - ΔS) + (i + g) + ΔPE

Or E(Re) = Income return + Earnings growth + Repricing return

i. Income return is the sum of the dividend yield (i.e., D/P, which is 4.0%)

and the equity repurchase yield (i.e., the negative of the expected change in shares outstanding, - ΔS)

 which is -0.5%. Therefore: Income return = D/P - ΔS = 4.0 - 0.5 = 3.5%

ii. Earnings growth is the sum of real growth in earnings and the inflation rate.

This sum is shown in Exhibit 1: Earnings growth = 4.6% (given in Exhibit 1)

iii. Repricing return: Since the equity compounded annual growth rate is given in Exhibit 1to be E(Re) = 11.2%,

the Grinold-Kroner model can be rearranged to solve for repricingreturn:11.2% = 3.5% + 4.6% + Repricing return .

Rearranging the terms: Repricing return = 11.2% – 3.5% – 4.6% = 3.1%

本题老师已在经典题班做了详细讲解，你也可以就老师讲解具体哪一步不明白或者有异议提问。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！