NO.PZ2018062002000167
问题如下：
Peter, an analyst is trying to assess the company's stock. The company just paid a dividend of $0.50 a share. The dividend is expected to grow by 25% next year, and 10% the year after. Starting from the third year, the dividend is expected to grow by 5% a year. If the required rate of return is 8%, the intrinsic value of the stock is closest to:
选项：
A.
$20.00
B.
$25.00.
C.
$21.8
解释：
C is correct. V 0 =0.625/1.08+0.6875/(1.08^2)+24.0625/(1.08^2)=21.8
Note that D1 = 0.5(1.25) = 0.625, D2 = 0.5(1.25)(1.1) = 0.6875, and P2 = D3/(k – g) =0.6875 (1.05)/(0.08 – 0.05) = 24.0625
考点：Multi-stage Model
这道题就是未来现金流折现求零时刻的估值，未来有三笔现金流：D1、D2、和P2，那么我们把他们分被折现到零时刻就可以得到V0。
解析中计算已经写的很详细了，但是有几处提问较多：
1、“just paid”就是刚刚支付的意思，就是D0。
2、用计算器的步骤：第一步 计算出D1=0.625，D2=0.6875，P2=24.0625
第二步 用计算器：CF0=0，C01=0.625，F01=1，C02=D2+P2=0.6875+24.0625,F02=1, I/Y=8, CPT--NPV=21.8
3、因为从第三年开始永续增长，所以我们计算的是P2（相当于根据D3先计算得到P2）, 因此解析里折现的是D1、D2+P2。你也可以用D4算P3，然后再将D1\D2\D3和P3一起折现到零时刻，两种算法的结果是一样的。
老师，请问这句话是不是就是说未来都是5%的增长判断t2是terminal 所以要求p2
