问题如下图：计算器怎么按都按不对，要哭了……
选项：
A. 
B. 
C. 
解释：
maggie_品职助教 · 2018年11月29日
别着急，因为我看不到你的输入过程，我也不知道你哪里错了，只能猜测：
1、你看下的CF0是否等于0？D1是C01.
2、不需要输入C05(D5)
3、C04=D4+v4
你再试试，如果还不对，请你把输入过程写一下，发上来。加油。
絮飛W涙 · 2018年11月29日
C04为什么等于D4加V4？还要我觉得CF不是22.59么？呜呜呜我为什么觉得CF是22.59，还有不输入C05那05怎么办？感觉这种题好难写公司我会，按计算器就不会了
maggie_品职助教 · 2018年11月30日
首先C04指的是第4年的现金流，第四年有两笔现金流（第4年的股息和第四年的价值）。而第五年的股息已经被包含在第四年的价值中了，因此不需要再折现。
絮飛W涙 · 2018年11月30日
啊啊啊啊啊啊点错了评价……醉了怎么才能改评价
絮飛W涙 · 2018年11月30日
完了完了手机卡了一下，怎么改不掉了，采纳了也改不了，呜呜呜老师我是要好评的，哭了真的要……对不起你……呜呜呜，怎么办，我想要改掉
maggie_品职助教 · 2018年11月30日
没关系哒，计算器一定要按熟，明天考试加油哦。
絮飛W涙 · 2018年11月30日
我就感觉我走进这道题的误区里感觉还是模模糊糊的，好像懂了还想还有点不明白
maggie_品职助教 · 2018年11月30日
现在的计算结果对了吗？哪有问题赶紧提出来哈
絮飛W涙 · 2018年11月30日
我再研究研究
NO.PZ2015122802000166 问题如下 analyst gathers or estimates the following information about a stock:Baseon a vinscount mol, the stois most likely: A.unrvalue B.fairly value C.overvalue is correct.The current priof €22.56 is less ththe intrinsic value (V0) of €24.64; therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0=∑t=1n(1+r)t(1+gs)t+(1+r)nVn anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn=r−gL+1+1 = (1+gS)n(1+gL) = €1.60 × 1.09 = €1.744 = €1.60 × (1.09)2 = €1.901 = €1.60 × (1.09)3 = €2.072 = €1.60 × (1.09)4 = €2.259 = [€1.60 × (1.09)4](1.04) = €2.349V4 = €2.349/(0.12 – 0.04) = €29.363V0=1.744(1.12)1+1.901(1.12)2+2.072(1.12)3+2.259(1.12)4+29.363(1.12)4V_0=\frac{1.744}{{(1.12)}^1}+\frac{1.901}{{(1.12)}^2}+\frac{2.072}{{(1.12)}^3}+\frac{2.259}{{(1.12)}^4}+\frac{29.363}{{(1.12)}^4}V0=(1.12)11.744+(1.12)21.901+(1.12)32.072+(1.12)42.259+(1.12)429.363 = 1.557+1.515+1.475+1.436+18.661 = €24.64(whiis greater ththe current priof €22.56)考点Multi-stage Mol计算器具体步奏如下CFO=0, C01=1.744,F01=1,C02=1.901,F02=1,C03=2.072,F03=1,C04=2.259+29.363,F04=1,NPV , I=12,CPT NPV 此题V4是用什么公式算的？为什么不用讲义P495页求P的公式？求V4,我下方的算法有问题吗？这一类题的解题思路，李老师根本没讲清楚。
NO.PZ2015122802000166 问题如下 analyst gathers or estimates the following information about a stock:Baseon a vinscount mol, the stois most likely: A.unrvalue B.fairly value C.overvalue is correct.The current priof €22.56 is less ththe intrinsic value (V0) of €24.64; therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0=∑t=1n(1+r)t(1+gs)t+(1+r)nVn anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn=r−gL+1+1 = (1+gS)n(1+gL) = €1.60 × 1.09 = €1.744 = €1.60 × (1.09)2 = €1.901 = €1.60 × (1.09)3 = €2.072 = €1.60 × (1.09)4 = €2.259 = [€1.60 × (1.09)4](1.04) = €2.349V4 = €2.349/(0.12 – 0.04) = €29.363V0=1.744(1.12)1+1.901(1.12)2+2.072(1.12)3+2.259(1.12)4+29.363(1.12)4V_0=\frac{1.744}{{(1.12)}^1}+\frac{1.901}{{(1.12)}^2}+\frac{2.072}{{(1.12)}^3}+\frac{2.259}{{(1.12)}^4}+\frac{29.363}{{(1.12)}^4}V0=(1.12)11.744+(1.12)21.901+(1.12)32.072+(1.12)42.259+(1.12)429.363 = 1.557+1.515+1.475+1.436+18.661 = €24.64(whiis greater ththe current priof €22.56)考点Multi-stage Mol计算器具体步奏如下CFO=0, C01=1.744,F01=1,C02=1.901,F02=1,C03=2.072,F03=1,C04=2.259+29.363,F04=1,NPV , I=12,CPT NPV 请问V4的分母是应该是的数值还是（1+4%）？
NO.PZ2015122802000166问题如下analyst gathers or estimates the following information about a stock:Baseon a vinscount mol, the stois most likely:A.unrvalueB.fairly valueC.overvalue is correct.The current priof €22.56 is less ththe intrinsic value (V0) of €24.64; therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0=∑t=1n(1+r)t(1+gs)t+(1+r)nVn anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn=r−gL+1+1 = (1+gS)n(1+gL) = €1.60 × 1.09 = €1.744 = €1.60 × (1.09)2 = €1.901 = €1.60 × (1.09)3 = €2.072 = €1.60 × (1.09)4 = €2.259 = [€1.60 × (1.09)4](1.04) = €2.349V4 = €2.349/(0.12 – 0.04) = €29.363V0=1.744(1.12)1+1.901(1.12)2+2.072(1.12)3+2.259(1.12)4+29.363(1.12)4V_0=\frac{1.744}{{(1.12)}^1}+\frac{1.901}{{(1.12)}^2}+\frac{2.072}{{(1.12)}^3}+\frac{2.259}{{(1.12)}^4}+\frac{29.363}{{(1.12)}^4}V0=(1.12)11.744+(1.12)21.901+(1.12)32.072+(1.12)42.259+(1.12)429.363 = 1.557+1.515+1.475+1.436+18.661 = €24.64(whiis greater ththe current priof €22.56)考点Multi-stage Mol计算器具体步奏如下CFO=0, C01=1.744,F01=1,C02=1.901,F02=1,C03=2.072,F03=1,C04=2.259+29.363,F04=1,NPV , I=12,CPT NPV 老师请问怎么判断题目给的1.6是还是啊？
NO.PZ2015122802000166 老师，最后第五年的计算不太明白，课堂上的也没听明白，能不能麻烦讲一下，谢谢！
NO.PZ2015122802000166 fairly value overvalue A is correct. The current priof €22.56 is less ththe intrinsic value (V0) of €24.64; therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol: V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0=∑t=1n(1+r)t(1+gs)t+(1+r)nVn anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn=r−gL+1 +1 = (1+gS)n(1+gL) = €1.60 × 1.09 = €1.744 = €1.60 × (1.09)2 = €1.901 = €1.60 × (1.09)3 = €2.072 = €1.60 × (1.09)4 = €2.259 = [€1.60 × (1.09)4](1.04) = €2.349 V4 = €2.349/(0.12 – 0.04) = €29.363 V0=1.744(1.12)1+1.901(1.12)2+2.072(1.12)3+2.259(1.12)4+29.363(1.12)4V_0=\frac{1.744}{{(1.12)}^1}+\frac{1.901}{{(1.12)}^2}+\frac{2.072}{{(1.12)}^3}+\frac{2.259}{{(1.12)}^4}+\frac{29.363}{{(1.12)}^4}V0=(1.12)11.744+(1.12)21.901+(1.12)32.072+(1.12)42.259+(1.12)429.363 = 1.557+1.515+1.475+1.436+18.661 = €24.64(whiis greater ththe current priof €22.56) 考点Multi-stage Mol 计算器具体步奏如下 CFO=0, C01=1.744,F01=1,C02=1.901,F02=1,C03=2.072,F03=1,C04=2.259+29.363,F04=1,NPV , I=12,CPT NPV 可以算到➕P5么