[求助]请教一体关于Two-stage DDM的问题，谢谢 following, expected

prav_Cfa7

CFA Level 1 study notes   Book4 P226 页练习


Assume that a stock is expected to pay dividends at the end of year1 and year2 of
$1,25 and $1.56, respectively. Dividends are expected to grow at a 5% rate thereafter.
Assume that r is 11%,the value of the stock is closest to which of the following?

我觉得应该是

(1.25/1.11) + (1.56/1.11的平方）+  (1.56*1.05/（0.11-0.05) ) / 1.11的平方

但是答案给出是

(1.25/1.11) + (1.56/（0.11-0.05) ) / 1.11

请问哪个是对的啊？