问题如下：
Matt, an analyst with company M, has estimated the free cash flows of 11 million at the end of the third year. The constant growth rate of the free cash flow is 6% after Year 3 and the required rate of return is 10%. Currently, he wants to evaluate the effect of change in assumption. What`s the percentage change in the fair enterprise value of $450 million if you use a terminal growth rate of 0% rather than 6%?
选项：
A.-46.8%
B.-30.3%
C.-40.3%
解释：
B is correct.
考点：Discounted Cash Flow Analysis
解析：当增长率为6%时，terminal value = 11*(1.06)/(10%-6%) = 291.5 million
当增长率为0%时，terminal value = 11/10% = 110 million
现值的改变量=(110-291.5)/1.13 = -136.36
Percentage change = -136.36/450 = -30.3%
为什么这道题需要折到零时间点计算呢？题目中没有说要折到零时间点啊？
