Question of Perpetuity

Your workings are fine - you can do it either way. The reason the PV's are slightly different (626,429 as against 626,600) is simply due to the rounding of discount factors - the tables only quote the 1 year discount factor to 3 decimal places. This is irrelevant in the exam (and is the reason most questions ask for the answer to the nearest thousand). If the perpetuity starts at time 3, then either you multiply by 1/r and then multiply by the 2 year discount factor because it starts 2 years late. Or alternatively you multiply by 1/r less the annuity factor for 2 years. Again, apart from rounding, the answers will be the same.

I don't know exactly what you mean about leaving less content :-( Paper F9 has always been about 50% calculation and 50% written - this has been the case since F9 first appeared and there is no change. If you have watched my Introductory lecture for Paper F9, I make this very point :-)

The ACCA have not changed the policy about calculations and written. I was at a meeting with the examiner in February and it was made clear that the mix between calculation and written will remain the same for F9 as always - approximately 50% of each. Your fellow student is wrong. Although those areas are important areas, they alone are not enough to score well in section B. You need to be confident of all areas - working capital management, foreign exchange risk management etc. are just as likely in section B.

It is up to you, but I would use the study text more as a reference book and use it for areas that you are not sure about from the lectures, or areas where you want to read more.

You are welcome, and you have a nice day also :-)