根據固定增長股票模型，估計股票價值為
p = d0×(1+g)/(R-g)= 0.6×(1+5%)/(8%-5%)= 21
2.
(1)rd=wa×ra+wb×rb=40%×8%+60%×12%=10.4%,(σd)^2=(wa×σa)^2+(wb×σb)^2+2ρab×waσa×wbσb=(40%×5%)^2+(60%×6%)^2-2×0.4×5%×0.6×6%=0.0256%
(2)rP = wd×rD+WP×rP = 40%×10.4%+60%×3% = 5.96%；無風險資產的標準差為0，(σp)2 =(wd×σd)2 =[(40%)2]×0.0256% = 0.004096%。
3.
基於資本資產定價模型RI = RF+β (RM-RF)，
RABC = 5%+1×(11%-5%)= 11%
RDEF = 5%+1.5×(11%-5%)= 14% & gt；11%，應該投資DEF股票。