没太理解这道题的意思

NO.PZ2023032701000063问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25B.$61.91C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 根据已知条件，NI是most recent，所以RI求的也是most recent。至此5.4才是RI0，之后每年增长15%，第5年后永续增长。最后将T5时候的终值折现到0时刻。是这么逻辑顺序吧

NO.PZ2023032701000063问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25B.$61.91C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million RI5=RI1*1.15^5 为什么不是4次方，求的RI1已经是第一年末了呀 后面只有四年了啊？

NO.PZ2023032701000063 问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25 B.$61.91 C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 老师，您好！题中给出的初始equity是20.97，NI是8，我理解这是最近年份的财务数据。但是关键疑问是20.97的equity中包含了net income 的8 中的部分 retaineearnings吗？即一年的净利润是8，那20.97的equity是期初的还是期末的equity ？这导致后续计算完全不同。麻烦老师一下，谢谢！

NO.PZ2023032701000063问题如下 Ramcollects aitionta for valuing PBRI using the multistage RI mol. For this mol, he assumes annugrowth rate of resiincome of 15% ring the forecast horizon of 5 years (Years 1 to 5) anscounts the terminyear’s resiincome a perpetuity. Other inputs are founin Exhibit 3.Exhibit 3 ta for ResiIncome MolUsing the ta in Exhibit 3, Raman's estimate of the contribution ththe terminvalue of the resiincome strein 5 years will contribute to the current value of equity is closest to: A.$42.25B.$61.91C.$48.82 Using a multi-stage resiincome mol anthe ta in Exhibit 3:Equity charge = Equity capit× Cost of equity capital= 20.97 × 0.124 = $2.60 millionResiincome of the more recent ye= Net income – Equity charge= 8.00 – 2.60 = $5.40 millionRaman’s assumegrowth rate ring the forecast perioof five years = 15%Annuresiincome ring the no growth perio(after Ye5) = 5.40 × (1.15)5 = $10.86 millionPresent value (PV) of the resiincome from perpetuperio T = 5 = ($10.86/0.124)=$87.58 millionPV of the perpetuperioresiincome T0= 87.58/(1.124)5=$48.82 million 老师，如果这里要求总的PV，那RI5需要和PV RI5一起向前折5年吗？还是PVRI5包含了RI5呢？