Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks
A company has just paid an ordinary share dividend of 32·0 cents and is expected to pay a dividend of 33·6 cents in one year’s time. The company has a cost of equity of 13%.
What is the market price of the company’s shares to the nearest cent on an ex dividend basis?
A $3·20
B $4·41
C $2·59
D $4·20
Answer：
D
Dividend growth rate = 100 x ((33·6/32) – 1) = 5%
MV = 33·6/(0·13 – 0·05) = $4·20
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