ChipMaster
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bwBASIC

     VALUE OF A SHARE OF STOCK                                                  
                                                                                
wHEN AN INVESTOR BUYS A STOCK HE HOPES FOR SOME FUTURE                          
RETURN, EITHER THROUGH DIVIDENDS OR CAPITAL GAINS.                              
HOWEVER STOCKHOLDERS IN GENERAL,OVER THE LONG HAUL,                             
ONLY GET CASH DIVIDENDS OUT OF THE STOCK. MANY WHO SUBSCRIBE                    
TO THE PRECEDIMG BELIEVE THAT ANY STOCK VALUATION MODEL                         
SHOULD CONSIDER ONLY DIVIDENDS.SUCH IS THE MODEL OF THIS                        
PROGRAM. WE SHALL ASSUME THAT WE KNOW THE PRICE OF A SHARE                      
OF A CERTAIN STOCK,THE PRESENT ANNUAL CASH DIVIDEND, AND                        
AN EXPECTED GROWTH RATE FOR DIVIDENDS WHICH WE ASSUME WILL                      
LAST INDEFINITELY. FROM THIS DATA WE GET OUR EXPECTED                           
RATE OF RETURN ON INVESTMENT FOR THE STOCK.                                     
PRESS ENTER TO BEGIN?                                                           
THE PRESENT PRICE OF 1 SHARE OF THE STOCK = ? 12.34                             
THE PRESENT ANNUAL CASH DIVIDEND          = ? 2.98                              
EXPECTED RATE OF DIVIDEND GROWTH(IN %)    = ? 3.45                              
                                                                                
EXPECTED LONG RUN RATE OF RETURN =  28.4323 %                                   
                                                                                
PRESS ENTER FOR MORE STOCKS? -1