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A) 5.00% B) 6.25% C) 6.75% D) 15.38% Answer: C Difficulty: Medium Page: 145, 1st paragraph. $32.00 =  EMBED Equation.3  $4.16 32g = $2.00 $2.16 = 32 g .0675 = g 6.75% = g 4. If next years dividend is forecast to be $5.00, the constant growth rate is 4%, and the discount rate is 16%, then the current stock price should be: A) $31.25 B) $40.00 C) $41.67 D) $43.33 Answer: D Difficulty: Medium Page: 145, 1st paragraph. Po = EMBED Equation.3  $41.67 =  EMBED Equation.3  5. ABC common stock is expected to have extraordinary growth of 20% per year for two years, at which time the growth rate will settle into a constant 6%. If the discount rate is 15% and the most recent dividend was $2.50, what should be the current share price? A) $31.16 B) $33.23 C) $37.42 D) $47.77 Answer: C Difficulty: Hard Page: 148, 2nd paragraph. Po =  EMBED Equation.3  =  EMBED Equation.3  = $2.61 + 2.72 + 32.09 = $37.42 6. What is the plowback ratio for a firm that has earnings per share of $12.00 and pays out $4.00 per share as dividends? A) 25.00% B) 33.33% C) 66.67% D) 75.00% Answer: C Difficulty: Medium Page: 149, 4th paragraph. plowback = 1 - payout ratio = 1  EMBED Equation.3  = 1 .33 ( .67 7. What price would you expect to pay for a stock with 13% required rate of return, 4% rate of dividend growth, and an annual dividend of $2.50 which will be paid tomorrow? A) $27.78 B) $30.28 C) $31.10 D) $31.39 Answer: D Difficulty: Hard Page: 145, 1st paragraph. Po = Do + EMBED Unknown = $2.50 + EMBED Unknown = $2.50 + EMBED Unknown = $2.50 + $28.89 = $31.39 8. What rate of return is expected from a stock that sells for $30 per share, pays $1.50 annually in dividends, and is expected to sell for $33 per share in one year? A) 5.00% B) 10.00% C) 14.09% D) 15.00% Answer: D Difficulty: Medium Page: 145, 1st paragraph. 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