CFP网络答疑のNPV计算股利.doc

D1=cf1=1*1.2=1.2
D2=cf2=1.2*1.2=1.44

D3=1.44*1.15=1.656
D4=1.656*1.06=1.7554
P3=d4/(k-g)=1.7554/(0.1-0.06)=43.884

Cf3=d3+p3=1.656+43.884=45.54

Cf0=0 cf1=1.2 cf2=1.44 cf3=45.54 k=10% 得NPV=36.4959