Suppose you are purchasing a company. You know the cash flow for target company are : year 1 633 million, year 2 672 million, year 3 711 million, year 4 751 million, year 5 789 million, year 6 831 million. The discount rate for year 1 to year 3 is 5.51% and for year 4 to year 6 is 5.41%. suppose it is a perpetuity, year 7 to infinity's cash flow will always be 831 million and the discount rate will always be 5.41%) The question ask you to use the discounted cash flow to calculate the present value of this company.

Do I need a discount back twice at year 4 5 6?