ABC investment bank introduced a new financial instrument Genzyme. Investors expect Genzyme to provide zero net cashflows for the next $5$ years. In the $6$th year, Genzyme is expected to have cashflows of Rs $100$ million, which is then expected to grow at a constant rate of $6\%$ forever. If investors require a $10\%$ rate of return, what is the current value of Genzyme? $($Assume all cashflows ABC investment bank introduced a new financial instrument Genzyme. Investors expect Genzyme to provide zero net cashflows for the next $5$ years. In the $6$th year, Genzyme is expected to have cashflows of Rs $100$ million, which is then expected to grow at a constant rate of $5\%$ forever. If investors require a $10\%$ rate of return, what is the current value of Genzyme? $($Assume all cashflows occur at the end of the year.$)$ Answer occur at the end

Assume all cashflows occur at the end of the year how can it start at$$end$$of$$year$5,$The very first CF will happen at end of$$year$6,$ then why are we considering $2000$ in year $5.$