问题如下：
Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $0.5 per share and 10%, respectively. The company will experience a highly growth of 10% at the first two years, followed by a 5% of growth in another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What's the value of Company M?
选项：
A.$8.16
B.$8.79
C.$9.67
解释：
B is correct.
考点：Three Stage Model
解析：
\(PV_4=\frac{D_4\times\left(1+g_L\right)}{r-g_L}=\frac{0.68\times\left(1+3\%\right)}{10\%-3\%}=\$10.01\)
\(P=\frac{0.55}{1.1}+\frac{0.61}{1.1^2}+\frac{0.64}{1.1^3}+\frac{0.68+10.01}{1.1^4}=\$8.79\)
这道题我算出的结果是8.64
从D4 开始利率是0.6670125
D4=0.63525*1.05=0.6670125
P4= 0.6670126*1.03/ 0.07 =9.8146125
CF1= 0.5*1.1=0.55
CF2=0.5*1.1*1.1=0.605
CF3=0.605*1.05=0.63525
CF4=9.8146125+0.6670125=10.481625
I=10
NPV=8.64
请问我是不是算错了？
根A和B的差距很大啊
