Assume the Kodon preferred stock in the preceding examples is scheduled to pay its first dividend in four years,and is non-cumulative(i.e.,dose not pay any dividends for the first three years).Given an 8% required rate of return,what is the value of Kodon's preferred stock today?
Pv perpetuity = $56.25
为何N不是4，教程里N是3，想不通

这个题目考的是经典DDM模型，P0=D1/k
所以第四年付息得出是第三年的P，再折现到0年，是3而不是4