问题如下：
7. Under Scenario 1, the intrinsic value per share of the equity of Amersheen is closest to:
选项：
A.R13.29.
B.R15.57.
C.R16.31.
解释：
As the multistage residual income model results in an intrinsic value of R16.31.
This variation of the multistage residual income model, in which residual income fades over time, is:
where
The first step is to calculate residual income per share for years 2012
ROE = earnings / book value
Growth rate = ROE × retention rate
Retention rate = 1
Book valuet= book valuet
Residual income per share = EPS
Equity charge per share = book value per sharet× cost of equity
Using the residual income per share for 2015 of R1.608, the second step is to calculate the present value of the terminal value:
PV of Terminal Value =
Then, intrinsic value per share is:
老师您好，不好意思再问下，RI(2015)*ω/（r-ω+1）算出来的terminal value，到底应该作为第几期现金流（按在计算器里的C0?）往前折？我的理解是2015thereafter的事，那么应该和2015当年的RI加总在一起作为第四期往前折，这么算出来差一点尾数；把RI（2015）作为第四期，Terminal Value作为第五期往前折，也当然不对。这里一直都很模糊，望解答，谢谢。
