(完整版)财务管理CHAPTER8.pdf

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1、CHAPTER 8 Stock Valuation II.CONCEPTS VALUATION OF ZERO GROWTH STOCK c 26.The James River Co.pays an annual dividend of$1.50 per share on its common stock.This dividend amount has been constant for the past 15 years and is expected to remain constant.Given this,one share of James River Co.stock:a.is

2、 basically worthless as it offers no growth potential.b.has a market value equal to the present value of$1.50 paid one year from today.c.is valued as if the dividend paid is a perpetuity.d.is valued with an assumed growth rate of 3 percent.e.has a market value of$15.00.VALUATION OF ZERO GROWTH STOCK

3、 e 27.The common stock of the Kenwith Co.pays a constant annual dividend.Thus,the market price of Kenwith stock will:a.also remain constant.b.increase over time.c.decrease over time.d.increase when the market rate of return increases.e.decrease when the market rate of return increases.DIVIDEND YIELD

4、 VS.CAPITAL GAINS YIELD c 28.The Koster Co.currently pays an annual dividend of$1.00 and plans on increasing that amount by 5 percent each year.The Keyser Co.currently pays an annual dividend of$1.00 and plans on increasing their dividend by 3 percent annually.Given this,it can be stated with certai

5、nty that the _ of the Koster Co.stock is greater than the _ of the Keyser Co.stock.a.market price;market price b.dividend yield;dividend yield c.rate of capital gain;rate of capital gain d.total return;total return e.capital gains;dividend yield DIVIDEND GROWTH MODEL d 29.The dividend growth model:I

6、.assumes that dividends increase at a constant rate forever.II.can be used to compute a stock price at any point of time.III.states that the market price of a stock is only affected by the amount of the dividend.IV.considers capital gains but ignores the dividend yield.a.I only b.II only c.IIIand IV

7、 only d.I and II only e.I,II,and III only 文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:C

8、O5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5

9、M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 H

10、R10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L

11、6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8

12、ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10

13、X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4DIVIDEND GROWTH MODEL b 30.The underlying

14、assumption of the dividend growth model is that a stock is worth:a.the same amount to every investor regardless of their desired rate of return.b.the present value of the future income which the stock generates.c.an amount computed as the next annual dividend divided by the market rate of return.d.t

15、he same amount as any other stock that pays the same current dividend and has the same required rate of return.e.an amount computed as the next annual dividend divided by the required rate of return.DIVIDEND GROWTH MODEL c 31.Assume that you are using the dividend growth model to value stocks.If you

16、 expect the market rate of return to increase across the board on all equity securities,then you should also expect the:a.market values of all stocks to increase,all else constant.b.market values of all stocks to remain constant as the dividend growth will offset the increase in the market rate.c.ma

17、rket values of all stocks to decrease,all else constant.d.stocks that do not pay dividends to decrease in price while the dividend-paying stocks maintain a constant price.e.dividend growth rates to increase to offset this change.NONCONSTANT GROWTH c 32.Latcher s Inc.is a relatively new firm that is

18、still in a period of rapid development.The company plans on retaining all of its earnings for the next six years.Seven years from now,the company projects paying an annual dividend of$.25 a share and then increasing that amount by 3 percent annually thereafter.To value this stock as of today,you wou

19、ld most likely determine the value of the stock _ years from today before determining todays value.a.4 b.5 c.6 d.7 e.8 NONCONSTANT GROWTH d 33.The Robert Phillips Co.currently pays no dividend.The company is anticipating dividends of$0,$0,$0,$.10,$.20,and$.30 over the next 6 years,respectively.After

20、 that,the company anticipates increasing the dividend by 4 percent annually.The first 文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码

21、:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6

22、Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8

23、 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z

24、3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X

25、8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S

26、10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9

27、V4step in computing the value of this stock today,is to compute the value of the stock in year:a.3.b.4.c.5.d.6.e.7.文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8

28、HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3

29、L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8

30、 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S1

31、0X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V

32、4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:

33、CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q

34、5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4SUPERNORMAL GROWTH b 34.Supernormal growth refers to a firm that increases its dividend by:a.three or more percent per year.b.a rate which is most likely not sustainable over an extended period of time.c.a constant rate of 2 or more percent per year.d.$.10 or more per

35、year.e.an amount in excess of$.10 a year.DIVIDEND YIELD AND CAPITAL GAINS e 35.The total rate of return earned on a stock is comprised of which two of the following?I.current yield II.yield to maturity III.dividend yield IV.capital gains yield a.I and II only b.I and IV only c.II and III only d.II a

36、nd IV only e.IIIand IV only DIVIDEND YIELD c 36.The total rate of return on a stock can be positive even when the price of the stock depreciates because of the:a.capital appreciation.b.interest yield.c.dividend yield.d.supernormal growth.e.real rate of return.DIVIDEND YIELD AND CAPITAL GAINS c 37.Fr

37、ed Flintlock wants to earn a total of 10 percent on his investments.He recently purchased shares of ABC stock at a price of$20 a share.The stock pays a$1 a year dividend.The price of ABC stock needs to _ if Fred is to achieve his 10 percent rate of return.a.remain constant b.decrease by 5 percent c.

38、increase by 5 percent d.increase by 10 percent e.increase by 15 percent DIVIDEND GROWTH MODEL d 38.Which one of the following correctly defines the dividend growth model?a.P0=D0(R-g)文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S

39、10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9

40、V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码

41、:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6

42、Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8

43、 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z

44、3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X

45、8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4b.D=P0(R-g)c.R=(P0 D0)+g d.R=(D1 P0)+g e.P0=(D1 R)+g 文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3

46、L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8

47、 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S1

48、0X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V

49、4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:

50、CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q5M1U8 HR10Z3L6O9X8 ZB9S10X8D9V4文档编码:CO5L6Q