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Bir hisse senedinin 3. Yldaki fiyat u ekilde ifade edilebilir: oktan semeli D0 / (R + g4). D0 (1 + R)5. D1 (1 + R)5.

Bir hisse senedinin 3. Yldaki fiyat u ekilde ifade edilebilir: oktan semeli D0 / (R + g4). D0 (1 + R)5. D1 (1 + R)5. D4 / (R - g). D5 / (R - g).

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