问题如下：
The required rate of return for preferred stocks in Company X is 10%. If you invest $1.25 million in the preferred stocks, it will generate $200,000 dividends each year in perpetuity. The profitability index of this investment is closest to:
选项：
A.1.25
B.0.625
C.1.6
解释：
C is correct. PI equals the present value of future cash flows dividing initial cash flow. The present value of preferred stocks is $200,000/10%=$2 million. Therefore PI = $2/$1.25=1.6.
请问这道题算PV为什么是 $200,000/10%而不是 $200,000/（1+10%）啊？
