六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） q*HAIw[<y
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. ;el]LnV!O
Calculate M’s expected dividends for 2008 if it follows each of the following policies: D u) B9s
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. 7j@^+rkr3f
B. It continues the 2007 dividend payout ratio. uHfhRc9
C. It uses a residual policy with all distributions in the form of dividends. 3 q'K5}
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D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). $x;tSJ)m~
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