问题如下图：
选项：
A. 
B. 
C. 
解释：
为什么不是把pv3乘十呢
NO.PZ2018101501000114 $9.82 $12.27 A is correct. 考点scounteCash Flow Analysis 解析PV3 = 10*11 = $110 million $$\(PV=\frac8{1+10\%}+\frac{10}{{(1+10\%)}^2}+\frac{11+110}{{(1+10\%)}^3}=\$106.45million\)$$ 故PV per share为$10.64我输入CF输入完成之后按NPV输入Y=10，再CPT NPV是101.6868
NO.PZ2018101501000114 Matt, analyst with company M, hestimatethe free cash flows of 8, 10, 11 million respectively the enof the first three years. After three years, Company M`s terminvalue woulworth 10 times its free cash flow the enof the thiryear. The requirerate of return is 10%. Company M h10 million shares of outstanng stock. What`s the present value per share of Company M? $10.64 $9.82 $12.27 A is correct. 考点scounteCash Flow Analysis 解析PV3 = 10*11 = $110 million $$\(PV=\frac8{1+10\%}+\frac{10}{{(1+10\%)}^2}+\frac{11+110}{{(1+10\%)}^3}=\$106.45million\)$$ 故PV per share为$10.64 为什么要把第三年FCF的包括进去呢。不包含的话算出来就是B的答案。 既然在第三年末的时候TV价值是11*10=110，这里面不是应该包括了其第三年的现金流价值么
