关于MOCK82第88题 investment, following, expected, investor, required

bigredhockey55

An investor evaluating a company's common stock for investment has gathered the following data.
Current year's earnings per share: $2.50
Dividend payout ratio: 60%
Dividend growth rate expected during Year 1 and 2: 25%
Dividend growth rate expected after Year 2: 5%
Investors' required rate of return: 12%
The value per shore of this common stock is closest to:

老师，上面这题，请看一下我的如下解法是否正确

第3年的Dividend=2.50*60%*(1+25%)^2*(1+5%)=2.46
第2年的Price=2.46/(12%-5%)=35.14
然后算这个Price的PV
FV=35.14   N=2   I/Y=12  PMT=0 PV=28.01

盼复！

apf陈老师

还要加上前两年的红利折现，然后加总 。