Ionutzakis

No, I can't think of any examples that I've seen in the recent past. However, that's how I interpret "dividend paid last year" which should be D(-1), especially since they clearly interpret "dividend paid this year" as D(0). However, if they wrote the exam with "dividend paid last year" meaning the same as "dividend paid this year" = D(0), then I guess this is another one of the quirks that need to be memorised and accepted as is. But logically, the latter makes no sense.