问题如下图：
选项：
A. 
B. 
C. 
解释：
这两个题用的公式不一样，到底应该用哪个呢？谢谢
NO.PZ2016012005000029 问题如下 The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vin A.$0.68. B.$0.80. C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 公司最近一期vinpayout ratio = 20%, 目标五年后payout ratio = 25%，为什么不能计算为五年20%提升至25%、即每年派息比例提升1%，即今年预计派息比例为21%。今年预计EPS = 4，每股派息则为 = 4*21%？
NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 这里的 this yeexpeEPS是4指的是第五年吗? 这种题题干具体怎么理解啊，我只能死记硬背但其实读不懂题目
NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 李老在哪里讲到的这个austment factor？计算的时候完全没有关于这个的印象了，怎么理解在这道题里用的这个austment factor？
NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 想请问一下，站在今年要用5年EPS变为4，即v变为1，那不是要用六年v从0.6变成1
NO.PZ2016012005000029问题如下The vinpoliof Berkshire Garns Increpresentea graaustment to a target vinpayout ratio. Last yeBerkshire hearnings per share of $3.00 anpaia vinof $0.60 a share. This yeit estimates earnings per share will $4.00. Finits vinper share for this yeif it ha 25 percent target payout ratio anuses a five-yeperioto aust its vinA.$0.68.B.$0.80.C.$0.85. A is correct. The estimatevinper share is US$0.68.Previous S = US$0.60 ExpecteEPS = US$4 Target payout ratio = 0.25 Five-yeaustment factor = 1/5 = 0.2 Expectevin= Previous vin+ (Expecteearnings × Target payout ratio − Previous vin × Austment factor = US$0.60 + [(US$4.00 × 0.25 − US$0.60) × 0.2] = US$0.60 + US$0.08 = US$0.68 计算这题的公式和讲义麻烦贴出来？
