问题如下：
Matt has estimated the value of Company M by using the two-stage dividend discount model. The company has paid a dividend of $1 per share for the most recent year. In the model, the analyst has predicted that the dividend will grow at 10% a year for the first three years and then grow at 5% per year into the indefinite future. Given the required rate of return of 10%, what`s the current value of Company M stock?
选项：
A. $22.1
B. $26.4
C. $24.0
解释：
C is correct.
考点：Two Stage Model
解析：D0 = $1 D1 = $1.1 D2 = $1.21 D3 = $1.331
$$\(P_3=\frac{D_3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951\)
\(V_0=\frac{D_1}{1+r}+\frac{D_2}{\left(1+r\right)^2}+\frac{D_3+P_3}{\left(1+r\right)^3}\)\(=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24\)$$Cf01=1.1,cf02=1.21,cf03=29.282(1.331+27.951),I=5%,得出NPV=27.44，选项不对啊？
