Consider that a firm’s dividend has grown over 6 years from \($1.00\) per share to \($2.20.\) This represents an annual growth rate of 21.8 percent (N = 6, PV = − 1.00, PMT = 0, FV = 220, CPT I = 21.8 ) You think this growth rate will continue for three years and then fall to the long-term growth rate of 10.2 percent predicted by analysts. You assume a 14 percent discount rate.