2) Non-constant growth dividends: Current dividend = D0 = $3. The growth rate = 20% for Year 0 to Year 1, 15% for Year 1 to Year 2, 10% for Year 2 to Year 3, and then long-run constant g = 6%. Investors required return = 15%. What is the current stock price?

3) Non-constant growth dividends: Current dividend = D0 = $3. The company estimates that its dividend in year 1 = $3.5, Dividend in year 2 = $4.5 and the stock price in two years, P2 is estimated to be $50. Investors required return = 15%. What is the current stock price (P0)?