[单选题]

An investor gathers the following data.

To estimate the stock's justified forward P/E, the investor prefers to use the compounded annual earnings growth and the average of the payout ratios over the relevant period (i.e., 2008–2011). If the investor uses 15% as her required rate of return, the stock's justified forward P/E is closest to:

A.10

B.12

C.21

参考答案与解析:

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