问一道题：NO.PZ2018103102000085

NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4​=r−gL​​×(1+gL​)​=10%−3%0.667×(1+3%)​=$9.8146P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64P=1.10.55​+1.120.605​+1.130.63525​+1.140.667+9.8146​=$8.64 具体做法，画图1，先把所有的vin出来 =0.55,=0.605,=0.635,=0.667,=0.687.2,求P4=/10%-3%=9.815前面都没问题，接下来就和答案不一样，麻烦老师指出我的错误3，求P2=/10%-5%=12.74，求第一阶段的NPV，用计算器输入，CF0=1，CF1=0.55，CF2=0.605+12.7，I/Y=10，NPV=11.50

NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4​=r−gL​​×(1+gL​)​=10%−3%0.667×(1+3%)​=$9.8146P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64P=1.10.55​+1.120.605​+1.130.63525​+1.140.667+9.8146​=$8.64 老师您好，这道题我用计算器NPV功能计算的，发现CF0如果输入0.5的话计算结果就不正确，输入0就和答案一样。请问这里的第0期的CF0为什么不用输入0.5这个数值呢？

NO.PZ2018103102000085 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $0.5 per share an10%, respectively. The company will experiena highly growth of 10% the first two years, followea 5% of growth in another two years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What's the value of Company M? A.$8.16 B.$8.64 C.$9.67 考点Three Stage Mol解析PV4=×(1+gL)r−gL=0.667×(1+3%)10%−3%=$9.8146PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146PV4​=r−gL​​×(1+gL​)​=10%−3%0.667×(1+3%)​=$9.8146P=0.551.1+0.6051.12+0.635251.13+0.667+9.81461.14=$8.64P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64P=1.10.55​+1.120.605​+1.130.63525​+1.140.667+9.8146​=$8.64 我的计算过程是用三个阶段的不同增长率分别折现，想请问一下最后为何统一都是用第一阶段增长率10%折现？具体计算过程如下 10%___________ 5% __________ 3% ____________0____1____2____3____4____5____6=0.5=*(1+10%)=0.55=*(1+10%)=0.605=*(1+5%)=0.6353=*(1+5%)=0.667=*(1+3%)=0.687TV4=/（re-g）=0.687/(10%-3%)=9.814CF0=0CF1==0.6353CF2=+TV4=0.667+9.814=10.481I/Y=5, CPT NPV=TV2=10.112TV2=/（1+5%）+（+TV4）/(1+5%)^2=0.6353/1.05+10.477/1.1025=0.605+9.5066=10.112CF0=0CF1==0.55CF2=+TV2=0.605+10.112=10.717I/Y=10, CPT NPV=9.357

$8.64 $9.67 B is correct. 考点Three Stage Mol 解析 \(PV_4=\frac{4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146\) \(P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64\) 额 看着底下的公式计算都是乱码 能贴个图么