画图理解也可以吧？

NO.PZ201710200100000409 问题如下 9. The persistenfactor suggesteBeckworth will leto a multistage value estimate of TTCI’s shares this: A.less thCastovan’s multistage value estimate. B.equto Castovan’s multistage value estimate. C.greater thCastovan’s multistage value estimate. A is correct. In Castovan’s multistage valuation, she assumes thTTCI’s resiincome will remain constant in perpetuity after Ye3. This perpetuity assumption implies a persistenfactor of 1 in the calculation of the terminvalue. A persistenfactor of 0.10 incates thTTCI’s resiincome is forecasteto cline average rate of 90% per year. This assumption woulleto a lower valuation thCastovan’s multistage value estimate, whiassumes thresiincome will remain constant in perpetuity after Ye3. 假如最后算上persistent factor那结果是不是 year3 = 3.47255然后year4 往前这一年 (1+0.12−0.1)(3.47255⋅0.1）​ ,然后得到结果后再往前折现三年？？

NO.PZ201710200100000409 嗨，爱思考的PZer你好 根据公式，PVRI（t-1）=RI(t-1)*w/(1+r-w). C同学假设TTCI的剩余收入在第3年之后将保持不变。这种永久性假设意味着在计算最终值时，w为1。也就是PVRIt-1=RI(t-1)/r，此时的PVRI是最大的。 但是根据B同学的假设，w为0.1，此时计算出来的PVRI肯定小于C同学。 ---------------------------------------------- 就算太阳没有迎着我们而来，我们正在朝着它而去，加油！ 老师，复习到这里的时候，突然卡壳了，有个小疑问，w是衰减因子，是1+g，也就是w等于1的时候，无增长，g等于零，那么估值应该更低吧？也就是说，w越小，g越大，那么估值越大。这个思路错了？

NO.PZ201710200100000409 equto Castovan’s multistage value estimate. greater thCastovan’s multistage value estimate. A is correct. In Castovan’s multistage valuation, she assumes thTTCI’s resiincome will remain constant in perpetuity after Ye3. This perpetuity assumption implies a persistenfactor of 1 in the calculation of the terminvalue. A persistenfactor of 0.10 incates thTTCI’s resiincome is forecasteto cline average rate of 90% per year. This assumption woulleto a lower valuation thCastovan’s multistage value estimate, whiassumes thresiincome will remain constant in perpetuity after Ye3. 请采用公式解析一下这个情况