这题金融计算器怎么按的，可以讲一下吗？

NO.PZ2018103102000082 问题如下 Matt hestimatethe value of Company M using the two-stage vinscount mol. The company hpaia vinof $1 per share for the most recent year. In the mol, the analyst hprecteththe vinwill grow 10% a yefor the first three years anthen grow 5% per yeinto the infinite future. Given the requirerate of return of 10%, what`s the current value of Company M stock? A.$22.1 B.$26.4 C.$24.0 C is correct.考点Two Stage Mol解析 = $1 = $1.1 = $1.21 = $1.331P3=×(1+gL)r−gL=1.331×(1+5%)10%−5%=$27.951P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951P3​=r−gL​​×(1+gL​)​=10%−5%1.331×(1+5%)​=$27.951V0=1+r+(1+r)2++P3(1+r)3V_0=\frac{1}{1+r}+\frac{2}{\left(1+r\right)^2}+\frac{3+P_3}{\left(1+r\right)^3}V0​=1+r​​+(1+r)2​​+(1+r)3​+P3​​=1.11.1+1.211.12+1.331+27.9511.13=$24=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24=1.11.1​+1.121.21​+1.131.331+27.951​=$24 为什么求P0的时候不需要加入？

NO.PZ2018103102000082 老师 一阶段 g=10% Re=10% 分母Re-g就是0啊？这个公式成立吗？

在代入CF的时候，CF00需要代入1吗？为什么直接从CF01开始代入呢？

$26.4 $24.0 C is correct. 考点Two Stage Mol 解析 = $1  = $1.1  = $1.21  = $1.331 $$\(P_3=\frac{3\times\left(1+g_L\right)}{r-g_L}=\frac{1.331\times\left(1+5\%\right)}{10\%-5\%}=\$27.951\) \(V_0=\frac{1}{1+r}+\frac{2}{\left(1+r\right)^2}+\frac{3+P_3}{\left(1+r\right)^3}\) \(=\frac{1.1}{1.1}+\frac{1.21}{1.1^2}+\frac{1.331+27.951}{1.1^3}=\$24\)$$ Cf01=1.1,cf02=1.21,cf03=29.282(1.331+27.951),I=5%,得出NPV=27.44，不对啊？