An analyst gathers the following data to determine the attractiveness of the company’s common stock:

Dividends per share in 2002          $2
Dividends per share in 2008          $3
Expected return on the market       17%
Expected nominal risk-free return   9%
Stock’s beta                                    1.8
Stock’s market price as of 1 January 2009       $19

Using the constant growth dividend discount model, the stock’s intrinsic value is closest to:
A. $12.82.
B. $18.29.
C. $19.57.

答案选C,给的解释是：g=(3/2)^(1/6)-1=7%, k=9+1.8*(17-9)=23.4%;

V=3*(1.07)/(0.234-0.7)=19.57. 为什么分子是3*（1.07）呢？这个值应该是2009年的股利，这样的话，算出来的股票的intrisic value应该是2008年的值吧。。。。题目中并没有明确说哪一年的值啊。。