单选题 A stock has a required rate of return of 15%, a constant growth rate of 10%, and a dividend payout ratio of 45%. The stock's price-earnings ratio should be:
A. 3.0 times. B. 9.0 times. C. 4.5 times.

【正确答案】 B

【答案解析】P/E=D/E₁/(k-g)
D/E₁= Dividend Payout Ratio = 0.45
k=0.15
g=0.10
P/E=0.45/(0.15-0.10)=0.45/0.05=9