IV Formula Derivation

Curious if anyone knows how the formula on page 110 is derived? In particular, the first term.

<img src="https://forums.theinvestorspodcast.com/uploads/editor/oo/3x8y6d98d5zj.jpg" alt="" />


  • Hi Nick,
    This formula looks like the Present Value of an Annuity.
    Best regards, Rob
  • Rob, indeed it is. Thank you.
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