答案和详解如下：

51、Correct answer is D

"An Introduction to Security Valuation: Part II," Frank K. Reilly and Keith C. Brown

2008 Modular Level I, Vol. 5, pp. 196-197, 176-181

Study Session 14-60-e

"Company Analysis and Stock Valuation," Frank K. Reilly and Keith C. Brown

2008 Modular Level I, Vol. 5, pp. 150-152

Study Session 14-59-a

estimate the implied dividend growth rate, given the components of the required return on equity and incorporating the earnings retention rate and current stock price;

differentiate between 1) a growth company and a growth stock, 2) a defensive company and a defensive stock, 3) a cyclical company and a cyclical stock, 4) a speculative company and a speculative stock, and 5) a value stock and a growth stock

Implied dividend growth rate = ROE x RR = 20% x 0.5 = 10%

Intrinsic value of the stock: