Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple  choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.

The following information relates to a company:
Year                                               0                1                2                3
Earnings per share (cents)           30·0          31·8            33·9           35·7
Dividends per share (cents)         13·0          13·2            13·3           15·0
Share price at start of year ($)     1·95          1·98            2·01           2·25
Which of the following statements is correct?
A The dividend payout ratio is greater than 40% in every year in the period
B Mean growth in dividends per share over the period is 4%
C Total shareholder return for the third year is 26%
D Mean growth in earnings per share over the period is 6% per year

Answer：

D
Mean growth in earnings per share = 100 x [(35·7/30·0)1/3 – 1] = 5·97% or 6%

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