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1、MULTIPLECHOICEPROBLEMS(c)1If,fortheS&P400,theprofitmarginwas0.35andtheequityturnoverratiowas10,theROEwouldbe:a)0.035%b)2.857%c)3.500%d)28.57%e)35.00%(b)2If,fortheS&P400,theprofitmarginwas0.30andtheequityturnoverratiowas11,theROEwouldbe:a)0.033%b)3.300
2、%c)33.00%d)36.70%e)333.00%(c)3If,fortheS&P400,theprofitmarginwas.25andtheequityturnoverratiowas12,theROEwouldbe:a)0.83%b)0.48%c)3.00%d)30.00%e)48.00%(b)4If,fortheS&P400,theprofitmarginwas0.20andtheequityturnoverratiowas13,theROEwouldbe:a)0.026%b)2.600
3、%c)6.500%d)26.00%e)65.00%(c)5Thedividendpayoutratiofortheaggregatemarketis55percent,therequiredrateofreturnis15percent,andtheexpectedgrowthratefordividendsis7percent.Computethecurrentearningsmultiple.a)3.93b)78.6c)6.88d)39.3e)Noneoftheabove(b)6Thedivi
4、dendpayoutratiofortheaggregatemarketis65percent,therequiredrateofreturnis13percent,andtheexpectedgrowthratefordividendsis8percent.Computethecurrentearningsmultiple.a)7b)13c)4.61d)14.61e)Noneoftheabove(d)7Thedividendpayoutratiofortheaggregatemarketis65
5、percent,therequiredrateofreturnis12percent,andtheexpectedgrowthratefordividendsis6percent.Computethecurrentearningsmultiple.a)5.41b)16.25c)6.25d)10.83e)Noneoftheabove(a)8Thedividendpayoutratiofortheaggregatemarketis50percent,therequiredrateofreturnis1
6、6percent,andtheexpectedgrowthratefordividendsis6percent.Computethecurrentearningsmultiple.13-4a)5b)2.81c)7.5d)4e)NoneoftheaboveUSETHEFOLLOWINGINFORMATIONFORTHENEXTTHREEPROBLEMSAssumethatthedividendpayoutratiowillbe65percentwhentherateonlong-termgovern
7、mentbondsfallsto8percent.Sinceinvestorsarebecomingmoreriskaverse,theequityriskpremiumwillriseto7percentandinvestorswillrequirea15percentreturn.Thereturnonequitywillbe12percent.(b)9Whatistheexpectedsustainablegrowthrate?a)2.80%b)4.20%c)5.25%d)7.80%e)9.
8、75%(d)10WhatisyourexpectationofthemarketP/Eratio?a)8.33b)5.33c)9.03d)6.02e)3.24(b)11Towhatpricewillthemarketriseiftheearningsexpectationis$22.00pershare?a)$183.26b)$132.41c)$198.66d)$71.28e)$14.30USETHEFOLLOWINGINFORMATIONFORTHENEXTTHREEPROBLE
