关于H model线性下降的表述

NO.PZ2018103102000045 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company’s growth rate clines linearly from 12 percent in the first yeto 6 percent in the fifth. PZ’s totvin paion 2017 w$0.22.The estimateththe requirereturn is 9 percent. Whis the intrinsic value of the stock? A.$10.32. B.$15.40. C.$8.65. C is correct.考点H-mol解析C是正确的。根据题干信息我们可以使用H模型来计算股票的内在价值，H模型的公式,股票的内在价值为lV0=(1+gL)+H(gs−gL)r−gL{l}V_0=\frac{0\left(1+g_L\right)+0H(g_s-g_L)}{r-g_L}\\lV0​=r−gL​​(1+gL​)+​H(gs​−gL​)​=0.22(1+0.06)+0.22×2(0.12−0.06)0.09−0.06=8.65=\frac{0.22(1+0.06)+0.22\times2(0.12-0.06)}{0.09-0.06}=8.65=0.09−0.060.22(1+0.06)+0.22×2(0.12−0.06)​=8.65 如题

NO.PZ2018103102000045 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company’s growth rate clines linearly from 12 percent in the first yeto 6 percent in the fifth. PZ’s totvin paion 2017 w$0.22.The estimateththe requirereturn is 9 percent. Whis the intrinsic value of the stock? A.$10.32. B.$15.40. C.$8.65. C is correct.考点H-mol解析C是正确的。根据题干信息我们可以使用H模型来计算股票的内在价值，H模型的公式,股票的内在价值为lV0=(1+gL)+H(gs−gL)r−gL{l}V_0=\frac{0\left(1+g_L\right)+0H(g_s-g_L)}{r-g_L}\\lV0​=r−gL​​(1+gL​)+​H(gs​−gL​)​=0.22(1+0.06)+0.22×2(0.12−0.06)0.09−0.06=8.65=\frac{0.22(1+0.06)+0.22\times2(0.12-0.06)}{0.09-0.06}=8.65=0.09−0.060.22(1+0.06)+0.22×2(0.12−0.06)​=8.65 公式好算，就是这个fifth year这里到底该如何理解。

NO.PZ2018103102000045 请问所以in the fifth需要理解为在第五年刚开始的时候就开始下降？

NO.PZ2018103102000045 这道题第一阶段应该用0.22*（1+12%）而不是6%啊，答案是不是给错了？