为什么我的计算器按出来是44.82

NO.PZ2018062002000166问题如下 Current priper share $20 Current annuvinper share $2 Annuvingrowth rate for Years 1 – 4: 5% Annuvingrowth rate for ye5 onwar 3% Requirerate of return 10%Baseon the above information, calculate the intrinsic value of the stousing the M mol. The stois most likely: A.unrvalueB.overvalueC.fairly value A is correct.The current priof €20 is less ththe intrinsic value of €31.56;therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0​=∑t=1n​(1+r)t​(1+gs​)t​+(1+r)nVn​​ anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn​=r−gL​+1​​ = €2 × 1.05 = €2.1 = €2 × (1.05)2 = €2.205 = €2 × (1.05)3 = €2.31525 = €2 × (1.05)4 = €2.431 = [€2 × (1.05)4](1.03) = €2.503V4 = €2.503/(0.1 – 0.03) = €35.77V 0 =31.56(whiis greater ththe current priof €20)考点Multi-stage Mol计算器输入步奏如下CF0=0, C01=2.1,F01=1,C02=2.205,F02=1,C03=2.31525,F03=1,C04=2.431+35.77 F04=1 ,CPT--NPV, I=10 我理解到就截止了，是什么呢

NO.PZ2018062002000166问题如下 Current priper share $20 Current annuvinper share $2 Annuvingrowth rate for Years 1 – 4: 5% Annuvingrowth rate for ye5 onwar 3% Requirerate of return 10%Baseon the above information, calculate the intrinsic value of the stousing the M mol. The stois most likely: A.unrvalueB.overvalueC.fairly value A is correct.The current priof €20 is less ththe intrinsic value of €31.56;therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0​=∑t=1n​(1+r)t​(1+gs​)t​+(1+r)nVn​​ anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn​=r−gL​+1​​ = €2 × 1.05 = €2.1 = €2 × (1.05)2 = €2.205 = €2 × (1.05)3 = €2.31525 = €2 × (1.05)4 = €2.431 = [€2 × (1.05)4](1.03) = €2.503V4 = €2.503/(0.1 – 0.03) = €35.77V 0 =31.56(whiis greater ththe current priof €20)考点Multi-stage Mol计算器输入步奏如下CF0=0, C01=2.1,F01=1,C02=2.205,F02=1,C03=2.31525,F03=1,C04=2.431+35.77 F04=1 ,CPT--NPV, I=10 补充问题关于最后一个答案步骤的含义

NO.PZ2018062002000166 问题如下 Current priper share $20 Current annuvinper share $2 Annuvingrowth rate for Years 1 – 4: 5% Annuvingrowth rate for ye5 onwar 3% Requirerate of return 10%Baseon the above information, calculate the intrinsic value of the stousing the M mol. The stois most likely: A.unrvalue B.overvalue C.fairly value A is correct.The current priof €20 is less ththe intrinsic value of €31.56;therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0​=∑t=1n​(1+r)t​(1+gs​)t​+(1+r)nVn​​ anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn​=r−gL​+1​​ = €2 × 1.05 = €2.1 = €2 × (1.05)2 = €2.205 = €2 × (1.05)3 = €2.31525 = €2 × (1.05)4 = €2.431 = [€2 × (1.05)4](1.03) = €2.503V4 = €2.503/(0.1 – 0.03) = €35.77V 0 =31.56(whiis greater ththe current priof €20)考点Multi-stage Mol计算器繁荣属于步奏如下CF0=0, C01=2.1,F01=1,C02=2.205,F02=1,C03=2.31525,F03=1,C04=2.431+35.77 F04=1 ,CPT--NPV, I=10 請問算出V4=€35.77後，如何算出V0,可以說下具體公式嗎？謝謝

NO.PZ2018062002000166 问题如下 Current priper share $20 Current annuvinper share $2 Annuvingrowth rate for Years 1 – 4: 5% Annuvingrowth rate for ye5 onwar 3% Requirerate of return 10%Baseon the above information, calculate the intrinsic value of the stousing the M mol. The stois most likely: A.unrvalue B.overvalue C.fairly value A is correct.The current priof €20 is less ththe intrinsic value of €31.56;therefore, the stoappears to currently unrvalue Accorng to the two-stage vinscount mol:V0=∑t=1n(1+gs)t(1+r)t+Vn(1+r)nV_0=\sum_{t=1}^n\frac{{\splaystyle 0(1+g_s)}^t}{{\splaystyle(1+r)}^t}+\frac{V_n}{{(1+r)}^n}V0​=∑t=1n​(1+r)t​(1+gs​)t​+(1+r)nVn​​ anVn=+1r−gLV_n=\frac{{n+1}}{r-g_L}Vn​=r−gL​+1​​ = €2 × 1.05 = €2.1 = €2 × (1.05)2 = €2.205 = €2 × (1.05)3 = €2.31525 = €2 × (1.05)4 = €2.431 = [€2 × (1.05)4](1.03) = €2.503V4 = €2.503/(0.1 – 0.03) = €35.77V 0 =31.56(whiis greater ththe current priof €20)考点Multi-stage Mol计算器繁荣属于步奏如下CF0=0, C01=2.1,F01=1,C02=2.205,F02=1,C03=2.31525,F03=1,C04=2.431+35.77 F04=1 ,CPT--NPV, I=10 C04为什么是4+35.77（即2.431+35.77）？这一期现金流是怎么得出来的？