RATES, COMPOUNDING, AND TIME VALUEWHY TIME VALUE MATTERS FOR THE STOCK MARKETVALUING A PERPETUITYCONSTANT GROWTH EQUATION: THE KEY TO UNDERSTANDING THE STOCK MARKETNOT THE FIRST TO TRY THISWHY GROWTH RATE AND COST OF CAPITAL MATTERP/E RATIO EXPANSION AND CONTRACTIONCAPM, RISK PREMIUM, AND VALUATIONEQUITY RISK PREMIUMIMPACT OF RISK PREMIUM ON VALUATIONCHAPTER RECAP