单选题 Which of the following statements concerning security valuation is least accurate?

A、 A stock with a dividend last year of $ 3.25 per share, an expected dividend growth rate of 3.5%, and a required return of 12.5% is estimated to be worth $36.11.
B、 A stock to be held for two years with a year-end dividend of $2.20 per share, an estimatedvalue of $20.00 at the end of two years, and a required return of 15% is estimated to be worth $18.70 currently.
C、 A preferred stock with a dividend of $3.00 per share and a required return of 11.5% is estimated to be worth $ 26.09 currently.

【正确答案】 A

【答案解析】A stock with a dividend last year of $3.25 per share, an expected dividend growth rate of 3.5%, and a required return of 12.5% is estimated to be worth $37.33 using the DDM where P ₀ =D ₁ /(k-g). We are given D ₀ =$3.25, g=3.5%, and k=12.5%. What we need to find is D ₁ which equals D ₀ ×(1+g) therefore D ₁ =$3.25×1.035=$3.36 thus P ₀ =3.36/(0.125-0.035)=$37.33.