Guoshow 3 / 52 yey ty # ACT) Ys Sy ry # AR«a) y= Ou, +4 MAL) b) Grthe AF equation, the non- tHabonany cle wll be pitted uth, the non decease FOE, at cates, bors equal te 4 Bec nove oie 1 in the Prd equadow , ACF wil die away goutly qully , wah cack tucoolive oe stent Anking on a value" ogual te aly’ that of the enon lag Drv the 81d equetion , theACE of MAC) vill beO at-all Lage At the on tle lonantt th ig 4 the det outer detemnes 1h ber in eae noid be non- 290 because the UA? Aor The PROF foe the jist “no malt would Rave & luge poring, ple at fag am 10 ats tally aigvipcart spike of, oth Lage The ACE Fox enelel 3 vill decline, qeometural ast model, e to Jepiesent stock values . Aecording t» the €) En ach tt | ir he qa shove is ‘imply the dhitounfed Atal oy all, expected future dpvidends we, abzurne that investors LatkonalY develp cluvelendl ment expected » Uke plosart shave pate should tqleet all moematon aval able about qute dinolet pogracnt £ and tology 's pace Should only fluctuate en yest 5 by the amourt un egeded mews thal aycet 5 dhwidunt pryments. Stroll puceS should Atkegne- a. dom val Nya ‘ee molt Hhenreboally mabe wisul_peryechans of Abe fever wing ovr wel i the fe! wl bl rly ot Vndeated Wy ele Los. tecdue the amdel 's "menvy! isbinded thal eyath, we eouldl only vnake one-“Alep aleacl forecasts tn the (atta care ofthe ACD hd allows ul ty ane a bd wang by cat malig Sly abd Heychos and iano Ham, Ho (dod, ot, fyerbi oe Bley " tha pss oppubosty ond thre welsh i hage b tlaat del edala,Questin 5/332 Phy ht pteek tp dletormine, jou Hadonosiy 4 athe eyaesnon ote rwodel a o fag Ye = 0.905 266 TY a, (1-0 pega : a The wnat hos tools 0,758 and 1934 Fane tots haw to ceed one foe the imalol *b be aiey tha, we can make o. conclusidr that ix this cate the strated moolel a wok Abch