问题如下图：
选项：
A. 
B. 
C. 
解释：
首先无法法理解终值为何在第四年，而且如果按照定义，终值是指我站在现在0时刻的时间点看第四年的价值，那不是应该把前面的分红也折到第四年吗
NO.PZ2018103102000042问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。看见这个两阶段的M求终值，我直接就开始代入那个t/2××(gs-go)的那个公式了，结果求出来的结果和答案没有一个相符的，想请问是不是我题目没读懂或者公式的基本含义没搞懂
NO.PZ2018103102000042 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。 terminvalue 不用再 除以（1+9%）^4 折现到现在吗？
NO.PZ2018103102000042 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。 老师，这个问题的终值指P4。那如果是三阶段M呢，比如说0-4年g1, 4-6年g2, 6年后g3，那terminvalue是P4吗？
NO.PZ2018103102000042 问题如下 Jacques is the portfolio manager of pension anshe recently consir aing PZ In(New York StoExchange: PZ) to its portfolio. After carefully consiring the characteristiof the company anits competitors, she believes the company will have extraornary growth for the next 4 years annormgrowth thereafter. So, she hconclutha two-stage M is the most appropriate for valuing the stock. PZ’s totvin paion 2017 w$0.22. She believes ththe growth rate will 12 percent the next 4 years an6 percent afterwar. The estimateththe requirereturn is 9 percent. Whis the terminvalue of the stobaseon this approach? $12.23. $20.12. $31.09. A is correct.考点M,The Gorn Growth Mol Equation The ImplievinGrowth Rate解析A是正确的。如表所示，终值V4= $12.23。 请问，终值为什么不计入？而只考虑V4呢？
NO.PZ2018103102000042 老师 teiminvalue为什么是求GGM的值 题目是读懂了 但是问题没明白。
