For an additive length function finite on the graded pieces, define the Poincare series of a graded module
The Hilbert-Serre theorem states that
for a Laurent polynomial .
Induct on . For the last generator of degree , multiplication gives an exact sequence whose kernel is the -torsion and whose cokernel is . Additivity of yields
Both modules on the right are finite graded modules over the algebra generated by . The induction hypothesis gives the asserted denominator. The case is a finite Laurent polynomial because is finitely generated over .

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