问题如下：
Anna is evaluating Company M which is going out of business in four years. The company is in the 25% tax bracket. The weighted average cost of capital and the cost of equity is 10% and 15%, respectively. The relevant distribution information is shown in the following cash flow statement. What is the value of equity at time zero?
选项：
A. 113,696.29
B. 85,988.53
C. 76,714.45
解释：
C is correct.
考点：Other Valuation Models
解析：题目要我们求归属于股东的价值，只需将分配给股东的现金流( NI+Depreciation-principal repayment 即表格中Dividends)折现得到权益价值即可。
为什么是减去dividend？debt repayment不是本金偿还么？应该是减去负债的现金流，剩下的都是equity啊？
