问题如下图：
选项：
A. 
B. 
C. 
解释：
我是先算出P4=1.72*（1+4%）/（10%-4%）=29.81 然后再往回折现四年得到current price的=29.81/（1.1^4）=20.36
我不懂为什么必须先算出P3，然后再往回折现三年？题目中的那个信息点暗示必须这样做而不是像我那样想？多谢🙏
NO.PZ201710200100000105 问题如下 5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 感觉题目都不太懂，说四年内不分红，为什么又说from now on 开始分红，从现在开始分红，题目哪里看出是四年后分红啊
NO.PZ201710200100000105问题如下5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to:A.US$19.58B.US$20.36C.US$21.54C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54.pvinof 1.72 beginning 4 years,第四年开始派息，那第四年年末1.72，我用它乘（1➕g）再折现4年，得到20.36 B，为什么不对呢？
NO.PZ201710200100000105 问题如下 5. If the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 C is correct.The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 是第一年初，是第二年初，第一年末；题目中说的是第四年初有分红是1.72，所以不应该计算为 = 1.72*（1+g）么，怎么理解到底是第三年末第四年初的分红还是第四年的分红？
NO.PZ201710200100000105 the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. 不是 接下去三年没发v 第四年才发么 我的计算哪里有错
NO.PZ201710200100000105 难道不是====1.72, P4=/(r-g）,然后把，，，和P4都折现到0时刻吗？
