Question attached:

$V, = $2 + $ze + 1 $2itz + ... (1 + i,) (1 + i)(1 + if+1) 1 1 V. = Z + e Zi+2 + ... ( 1 + r ) (1 + r ) (1 + ri+1) Show that these two ways of writing the present value turn out to be equivalent, that is: $V./P = V