A Nonconstant growth Year 3 Dividend, D3 Superormal growth rate, gs Normal growth rate, gn Required return, rs H Dividends P5 Cash flows to common stockholders PV of cash flows to common stockholders Stock Price, Po Alternatively, using Excel NPV function Stock Price, Po 2 3 Dividends 55 6 Formulas 4P5 5 Cash flows to common stockholders 5 7 PV of cash flows to common stockholders Stock Price, Po 9 O Alternatively, using Excel NPV function: 1 Stock Price, Po 2 3 B $1.00 44.00% 8.00% 13.00% 0 0 #N/A #N/A C 1 10 0 1 0 10 #N/A D 2 0 0 2 0 0 #N/A E 3 $1.00 3 $1.0000 #N/A #N/A F 44.00% 44.00% 4 4 #N/A #N/A #N/A G 44.00% 44.00% 5 5 #N/A #N/A #N/A #N/A H 8.00% 8.00% 6 6 #N/A

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