问题如下：
Matt is evaluating the value of Company M by using the dividend discount model. The most recent dividend and the required rate of return are $0.5 per share and 10%, respectively. The company will experience a highly growth of 10% at the first two years, followed by a 5% of growth in another two years. Thereafter, the dividend growth rate would be 3% per year into the indefinite future. What's the value of Company M?
选项：
A.$8.16
B.$8.64
C.$9.67
解释：
B is correct.
考点：Three Stage Model
解析：
\(PV_4=\frac{D_4\times\left(1+g_L\right)}{r-g_L}=\frac{0.667\times\left(1+3\%\right)}{10\%-3\%}=\$9.8146\)
\(P=\frac{0.55}{1.1}+\frac{0.605}{1.1^2}+\frac{0.63525}{1.1^3}+\frac{0.667+9.8146}{1.1^4}=\$8.64\)
请问为什么D0不算在里面呢？
