# RDP 2005-12: Financial Constraints, the User Cost of Capital and Corporate Investment in Australia Equation (B2)

$${z}_{s,t}={\displaystyle \sum _{n=1}^{T}D}\left(n,t\right){\left(1+{r}_{t}\right)}^{-n}$$

$${z}_{s,t}={\displaystyle \sum _{n=1}^{T}D}\left(n,t\right){\left(1+{r}_{t}\right)}^{-n}$$