Oasis Telephony has been working on a new hands-free telephone that clips into your ear. The new gadget has now been cleared for manufacture and development. Oasis Telephony anticipates the first annual cash flow from the phone to be 200,000, received 2 years from today. Subsequent annual cash flows will grow at 5 per cent in perpetuity.

Why does the answer have a formula that is PV = C / (r - g) * 1 / (1 + r)

From all of the textbooks that I see the formula for PV of a growing perpetuity is PV = C / (r - g)

Why are we then multiplying this by 1 / (1 +r) ???

Thanks