算多阶段为什么不加D0呢？

NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3​=r−gL​​​=7.5%−3%1.19​=26.44P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}P0​=1.0751.05​+1.07521.10​+1.07531.16+26.44​=24.15 是否有其他条件导致折现率的选择有差异？

NO.PZ2018103102000089问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66B.$24.15C.$25.15B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3​=r−gL​​​=7.5%−3%1.19​=26.44P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}P0​=1.0751.05​+1.07521.10​+1.07531.16+26.44​=24.15想问一下这种general的mol是不是也能用H mol 的那种一站式算法，就是直接用3%的永续加上前面5%的部分，【1*（1+3%）+1*3（5%-3%）】/（7.5%-3%）=24.22 和B的24.15误差不大

NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3​=r−gL​​​=7.5%−3%1.19​=26.44P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}P0​=1.0751.05​+1.07521.10​+1.07531.16+26.44​=24.15 请问一下 为什么是1.19 不应该是 =1*（1+5%）^4 =1.2155嘛

NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3​=r−gL​​​=7.5%−3%1.19​=26.44P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}P0​=1.0751.05​+1.07521.10​+1.07531.16+26.44​=24.15 这题求M公司的Value，我有点混淆，什么时候是求P0（现值），什么时候是求P3啊？（因为前面有一道题，是直接算出来P3就是正确答案了，也是求Value），我已经彻底懵了。

NO.PZ2018103102000089 问题如下 Matt is evaluating the value of Company M using the vinscount mol. The most recent vinanthe requirerate of return are $1.0 per share an7.5%, respectively. The company will experiena highly growth of 5% ring the first three years. Thereafter, the vingrowth rate woul3% per yeinto the infinite future. What`s the value of Company M? A.$22.66 B.$24.15 C.$25.15 B is correct.考点Two Stage Mol解析PV3=r−gL=1.197.5%−3%PV_3=\frac{4}{r-g_L}=\frac{1.19}{7.5\%-3\%}PV3​=r−gL​​​=7.5%−3%1.19​=26.44P0=1.051.075+1.101.0752+1.16+26.441.0753P_0=\frac{1.05}{1.075}+\frac{1.10}{1.075^2}+\frac{1.16+26.44}{1.075^3}P0​=1.0751.05​+1.07521.10​+1.07531.16+26.44​=24.15 老师，我用计算器求NPV.输入了CF0=1,CO1=1.05 CO2=1.1025 CO3=27.6544 I=7.5 , 得出的答案是25.145。 但是CF0如果输入0 的话就能得出B的答案。想问下老师，为什么CF0不是输入1 呢？