【名词&注释】
自然灾害(natural disaster)、地方政府(local government)、房产税、无形资产(intangible assets)、广告费
[填空题]For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1．2 0n its Stock．The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely．N company has a Beta of 0．8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent．
P Company is very similar to N company in growth rate，risk and dividend payout rati0．It had 20 million shares outstanding and an earnings of$36 million for the year just ended． The earnings will increase to$38．5 million the next year． Requirement：
