NO.PZ2018062002000165
问题如下：
Peter, an US based investor is considering buying a common stock with a dividend of $2.5 a year. The dividend is expected to grow at an annual rate of 5%. If investors' required rate of return is 8%,the intrinsic value of the stock the most close to:
选项：
A.$53.0
B.$58.6
C.$87.5
解释：
C is correct.
Based on Gordon's growth model,V0 = D1/(r – g). In this case, D1 =$2.5 × 1.05 = $2.625, so V0 = $2.625/(0.08 – 0.05) = $87.5.
考点：GGM
注意本题D0=2.5，D0是已经发放的或已经宣告发放的股利，是既定事实。我们给股票估值是把它未来产生的现金流进行估计预测然后折现，从D1开始都是未来预测的股利。The dividend is expected to grow at an annual rate of 5%，说的就是D1=D0（1+g）
2.5是dividend a year ,然后D0=2.5 ， 那如果题干给的是D1 ，英文表达应该怎么说呢？ 还是题目永远只会给D0 ，让大家自己根据公式D0（1+g）来算D1
