The answer says:
(1–b) = the projected payout ratio = 0.20
The vignette clearly states:
Projected dividend payout ratio
80.0%
I really hope the CFAI marks the actual exams better.
The answer says:
(1–b) = the projected payout ratio = 0.20
The vignette clearly states:
Projected dividend payout ratio
80.0%
I really hope the CFAI marks the actual exams better.