Your question is best answered by the "With" clauses (CTE's I think, in MSSS).
Really the best question is: Should I store this computed value or recalculate it for every row, each and every time I query the table.
Are there 10 rows in the table and always 10 rows?
Are rows being added constantly?
Do you have a purge strategy in place or just let it grow?
Query that table only once a month?
If this is a "long running" function (even after you've optimized the hell out of it), why do you want to execute it more than once, ever?
You asked for once, but you are really asking for once per row, per query.
Storing the answer in an index or "virtual column"
Pros:
Calculate exactly once per row.
Query times don't grow linearly.
Cons:
Increases insert/update time
Calculating every time
Pros:
Insert/update time optimized
Cons:
Query time grows with row count. (not scalable)
If you're querying once a month, why do you care how bad the performance is, go tune something that actually has a big impact on your operations (very slightly facetious).
If you're not inserting a bunch (depends on your hardware) of rows per second, is spending that time up front going to make a big difference?