Assume that a firm has an expected dividend payout ratio of 20%, a required rate of return of 9% , and an expected dividend growth of 5%. What is the firm's estimated price-to-earnings (P/E) ratio（）

单项选择题ff the payout ratio increases, the P E multiple will:（）

A. increase, if we assume that the growth rate remains constant.
B. always increase.
C. decrease, if we assume that the growth rate remains constant.

单项选择题An analyst gathered the following annual data for SMG Corporation on 2004:（）

A．0.32
B．0.15
C．0.22