单选题

The following information is available about a company:

A、 $39.36
B、 $49.20
C、 $51.20

【正确答案】 A

【答案解析】

A is correct.
Net profit margin = Net earnings ÷ Sales
Net earnings = Net profit margin × Sales;
Dividends per share (“D_n”) = (Net earnings × Payout ratio) ÷ # of outstanding shares;
Therefore, D1
= ($180 million × 0.15 × 0.60) ÷ 8 million = $2.00
D₂= $2.00 ×(1+ 0.25) = $2.50
D₃ = $2.00 × (1+ 0.25)2 = $3.13
D₄ = $2.00 × (1+ 0.25)2 × (1+0.05) = $3.28