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Mathematically both are the same.

P0 / E1 = (D1 / E1) / (k – g) is same as P0 / E1 = D1 / [E1 * (k – g)]

You could verify by putting in same values to both equations.

It is shown as P0 / E1 = (D1 / E1) / (k – g) because D/E is a meaningful ratio.

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