为什么这一道题是用差值除以450而不是用差值除以6%增长的假设呢？

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%