[单项选择]Billie Blake is interested in a stock that has an expected dividend one year from today of $1.50, i. e. , D₁=$1.50, D₂=$1.75 and D₃=$2.05. She expects to sell the stock for $47.50 at the end of year 3. What is Billie willing to pay one year from today if investors require a 12 percent return on the stock（）
A. $38.01.
B. $41.06.
C. $52.30.

[单项选择]Suppose a stock has a dividend payout ratio of 40 percent, a required rate of return of 15 percent and an expected growth rate of dividends of 10 percent. What is the P/E ratio of the stock（）
A. 2.667.
B. 1.5.
C. 8.0.

[单项选择]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.

[单项选择]Stock K has a beta of 0.7. Which of the following statements is/are true Ⅰ. The SML required return for K should be below the expected return on the market. Ⅱ. K has above-average covariance with the market portfolio, M Ⅲ. A portfolio of 70% M and 30% risk-free asset will have the same expected return as K（）
A. Ⅰ and Ⅲ.
B. Ⅱ only.
C. Ⅱ and Ⅲ.

[填空题]The relation of language and mind has interested philosophers for many centuries. 61 ) The Greeks assumed that the structure of language had some connection with the process of thought, which took root in Europe long before people realized how diverse languages could be. Only recently did linguists begin the serious study of languages that were very different from their own. Two anthropologist-linguists, Franz Boas and Edward Sapir, were pioneers in describing many native languages of North and South America during the first half of the twentieth century. 62) We are obliged to them because some of these languages have since vanished, as the peoples who spoke them died out or became assimilated and lost their native languages. Other linguists in the earlier part of this century, however, who were less eager to deal with bizarre data from "exotic" language, were not always so grateful. 63)The newly described languages were often so strikingly different from the well studied languag

[单项选择]A stock priced at $100 has a 70 percent probability of moving up and a 30 percent probability of moving down. If it moves up, it increases by a factor of 1.02. If it moves down, it decreases by a factor of 1/1.02. What is the probability that the stock will be $100 after two successive periods（）
A. 9%.
B. 42%.
C. 21%.