19. You want to estimate the implied risk premium. The S&P 500 price is 3839.50 on 1/1/2023. The total dividend was 65.54 and buyout was 116.46 last year. Total earnings were 202.71 last year. And the analysts forecast of last years total earnings was 219.49. You gather the earnings forecast rate:

Year	2023	2024	2025	2026	2027 and following years
Growth rate	6%	6%	6%	6%	2%

And payout ratio is 90%. What is the forecasted payout for 2023 based on previous forecasts?

Group of answer choices

193.39

232.65

209.39

192.92

20. You want to estimate the implied risk premium. The S&P 500 price is 3839.50 on 1/1/2023. The total dividend was 65.54 and buyout was 116.46 last year. Total earnings were 202.71 last year. And the analysts forecast of last years total earnings was 219.49. You gather the earnings forecast rate:

Year	2023	2024	2025	2026	2027 and following years
Growth rate	6%	6%	6%	6%	2%

And payout ratio is 90%. What is the implied risk premium, assume that risk free rate is 3%?

Group of answer choices

4.97%

5.89%

8.89%

5.05%