Multi-Stage Stock Pricing with a Financial Calculator

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An excerpt from Multi-Stage Stock Pricing with a Financial Calculator, The Robins School of Business, Department of Finance, University of Richmond,

… an algorithm for multi-stage stock pricing that uses a present value annuity structure. This algorithm is adapted for a financial calculator by using an iterative bond pricing structure. …
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… the iterative bond pricing process is quick, but not particularly illustrative of the discounting of a series of abnormal growth periods within a stock price. This may not be an issue with more advanced students, practitioners, or fintech coders, but caution should be used if presenting the process to novices.
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