Free cash Flow Valuation

Kirtika

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Hi
Can someone please help me with Free Cash Flow Valuation.Rgd 36 Cfai book pg 350.
I am confused… In Quesion 12 the value( sable stage ) of the stock is discounted for 5 years but in a similar situation in question 16 the final value ( in the stable stage )of the stock is discounted for 4 years.
 
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