chjsh

 没看过原题。猜想应该是two stage growth, 第一阶段的cashflows are discounted at 7.2%, then the firm goes to constant growth model (Gorden growth), the terminal value at the begining of stage 2 is got by using P = D1/(r-g).  finally, the terminal value should be discounted at 7.2% to get the present value of terminal value, and add to present value of the cashflows generated in stage1.