为什么这道题需要折到零时间点计算呢？题目中没有说要折到零时间点啊？也没有明确说明450million是现值

问题如下：

Matt, an analyst with company M, has estimated the free cash flows of 11 million at the end of the third year. The constant growth rate of the free cash flow is 6% after Year 3 and the required rate of return is 10%. Currently, he wants to evaluate the effect of change in assumption. What`s the percentage change in the fair enterprise value of $450 million if you use a terminal growth rate of 0% rather than 6%?

选项：

-46.8%

-30.3%

-40.3%

解释：

B is correct.

考点：Discounted Cash Flow Analysis

解析：当增长率为6%时，terminal value = 11*(1.06)/(10%-6%) = 291.5 million

      当增长率为0%时，terminal value = 11/10% = 110 million

      现值的改变量=(110-291.5)/1.1³ = -136.36

      Percentage change = -136.36/450 = -30.3%