Implied g

NO.PZ2023032701000025问题如下 A misizeUS company in the utilities sector with a requirerate of return of 10%. Peters anher tebelieve thbecause of a recent restructuring, the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. Thereafter, the vinis expecteto grow infinitely 4% even though the current priimplies a growth rate of 6% ring this same perioIf the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58B.US$20.36C.US$21.54 The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 为什么不算V4=1.72*1.04/(0.1-0.04)，然后折回四年，所以选B？

NO.PZ2023032701000025 问题如下 A misizeUS company in the utilities sector with a requirerate of return of 10%. Peters anher tebelieve thbecause of a recent restructuring, the company is unlikely to pvin for the next three years. However, the teexpects XYZ to pannuvinof US$1.72 per share beginning four years from now. Thereafter, the vinis expecteto grow infinitely 4% even though the current priimplies a growth rate of 6% ring this same perioIf the teuses the vinscount mol, the current intrinsic value of Company XYZ stowoulclosest to: A.US$19.58 B.US$20.36 C.US$21.54 The current value of XYZ stowoulcalculatefollows:V0 = [P3/(1 + r)3], where P3 = /(r – g).Given = 1.72, r = 10%, ang = 4%,V0 = [1.72/(0.10 – 0.04)]/(1.10)3 = US$21.54. 这里的为啥不用乘以（1+g）即1.04?