Now let's proceed with our formulas. So for the most widely used case which is the temporary supernormal growth plus no growth, we produce the formula and here I will rewrite that because there are some widely accepted special terms. Again, this is the sub zero. I will just rewrite, x sub zero, one minus t, one minus b. Now, I will drop the index. Because there will be no growth there, so indexes S and C are no longer relevant here. So I will just leave it here because b refers to the period of supernormal growth. Now, comes the summation. Again, g without an index plus k and all that to the t power. And then comes the tail which is x sub zero times one minus t divided by k and here, one plus g to one plus k to the nth power. So this is most often called the first term in this formula, and this the second term or like I said terminal value or tail. Well, I will put some shortcut because when people see summations, well clearly you can feed your computer. But also this is the piece of geometric regression which is a finite piece and therefore, there is some shortcut here. Because this sum of t one to n of one plus g over one plus k to the t of power is actually equal to one plus g divided by g minus k and here comes this one plus g over one plus k to the nth power less one and you can see in this formula that if because this is finite. So here, g may be easily greater than k but if g is greater than k then this is positive. And so, this is greater than one and so this brace is positive. However, if g is less than k then this is negative. But this is less than one and this is negatives. So the negative multiple gives you a positive thing. So let's try to use this formula to calculate some values on an example. So the example goes like this. Some value drivers, example consist of three cases and some will drivers will stay the same. So this is x sub zero will be 100 million dollars. The tax rate will be 40 percent. Again n the number of years of supernormal growth will be 4 for all cases, k will be 10 percent for all cases. But now I will put them in black b and r these will be changing. So k is one. This is b point eight and r, 25 percent. So the combination g, which is br is 20 percent. Well if we use the formula, then we can say then the first term is equal to 60 million. You can check that on the leisure and then the second term is 850 million. So we can see that there is quite a bit of growth. So during this growth we keep reinvesting most of our money. That is why the contribution of the first term is small but that feeds growth and then we create the base in the fourth year and that gives us some value here. So the total value is equal to $910 million. Now, so these blue numbers we will keep but black numbers we will change on the next page. So Case 2 will be b that is one and then g clearly will be 25 percent. Now, what is special here is that you remember that in the first term there is one minus b. So clearly, the first term is going to be zero. So first term is now zero while the second term will be about one billion dollars. And so, clearly that, would be the terminal value. Now, see it's higher than it was before, why? Because when you keep reinvesting all your money then your growth is faster. And therefore, although you did not contribute at the period of supernormal growth but then you build up the base and then the tail yields you a higher value. Now, let's proceed with Case 3. And in Case 3, b will be one point five. So we invest more money than we make. So either way it takes the money from our reserves or we borrow. And that gives us g of thirty seven point five percent. Well you can imagine what happens. So now the interesting thing is that the first term is negative. It's negative 216 million. While the second term is still positive and not only positive but it's much higher than it was before. And this is 1465 million and the total value is 1.249 billion. So see what happens here. Now, the first term is negative. That means that at the period of the supernormal growth we do not create value. We actually destroy value but because of that we keep making higher and higher investments and build up even higher base for the no growth case beyond our forecast. So that gives you the idea that the more you invest at the first stage, then the higher is your growth with the supernormal growth period and then you can enjoy the higher terminal value.