1 the forecast period and 2 the terminal value. Primitive forms of discounted cash flow analysis have been used since ancient times but have since undergone significant development. Discounted cash flow cf 1 1 r 1 cf 2 1 r 2 cf 3 1 r 3 p 3 1 r 3 2 00 1 0 10 1 2 10 1 0 10 2 2 20 1 0 10 3 20 00 1 0 10 3 2 00 1 10 2 10 1 21 2 20 1 331 20 00 1 331.
