问题：

The company is currently earning $5 per share and this year paid out 40 percent in dividends. The earnings and dividend growth rate for the next 3 years (T1, T2 and T3) will be 20 percent. At the end of the third year the company will start paying out 100 percent of earnings in dividends (D3 = E3). If a 12 percent rate of return is required, what would you pay for this compan?

答案是这样的吗？

D₁ = (.4)(5)(1.2)1 = 2.40; D₂ = 2.88; D₃ = E₃ = 5(1.2)3 = 8.64

g after T₃ onward will be zero because of the 100% payout ratio.

Solve for the price P₂ = D₃/(k - g) = 8.64/(.12 - 0) = $72 At 12% PVD₁ = 2.14; PVD₂ = 2.30; and PVP₂ = 57.40: Sum = 61.84

对啊，我认为答案是正确的。

谢谢，我也差不多搞清楚了