Authorized stock is the total number of shares outstanding.

MOON Company has 200,000 common shares outstanding, and the par value is $2 per share. MOON has thought it is necessary to reinvest most of its earnings, so as to maintain the growth rate of 12%. Because of the founder's death, it is expected a low growth rate. The realistic growth rate is 5%, and the dividend distribution will increase. The required return rate of the shreholders is 14%. It is expected an earnings of $2 millions in 20X9, and the investment requirement in 20X9 is $0.8 millions. Required: （1）If all the required capital for the investment is from the earning, and MOON uses a residual dividend approach, please calculate the dividend per share in Year 20X9. （2）Please calculate the dividend payout ratio if Year 20X9； （3）If the dividend payout ratio grows by 5% each year, calculate the intrisic value of the share based on the result of (1)；

You should spend about 20 minutes on this task. The chart below shows the total number of minutes (in billions) of telephone calls in the UK, divided into three categories, from 1995-2002. Summarise the information by selecting and reporting the main features, and make comparisons where relevant Write at least 150 words.

A.compounding

B.affixation8

C.conversion

D.shortening

根据下列材料，请回答下列各题 This is the third month running that your delivery has been late in arriving. Our current order for stationery is already five days overdue. We have a number of valued customers who are being put to some inconvenience. There seems to be no ob- vious reason why your normally prompt deliveries should become so unreliable. I would be obliged if you would look into this matter as soon as possible. Ours is a small family business in a very parochial (狭小的) area. We depend very much upon the good- will of our customers. I' m sure you will appreciate the importance of this matter being cleared up at your easiest convenience. Yours faithfully, Grayson Brown Mr. Brown writes to complain about46______________of the ordered goods.

The pride of wealth, or "purse-pride" , is the theme of the novel______.

A．Dombey and Son

B．A Tale of Two Cities

C．Little Dorrit

D．Bleak House