D0	R	G # of abnormal return periods	G into Infinity	Stock Value
$1.50	10%	none	2%	19.13
$1.50	10%	5% for 2 periods	2%	20.22
$1.50	10%	5% for 4 periods	2%	21.13
$1.50	10%	10% for 2 periods	2%	22.33
$1.50	10%	10% for 4 periods	2%	25.13

1. In general, how does a period of positive non-constant growth higher than the constant growth rate affect the stock's value? Why? How would negative non-constant growth affect the stock's value? Why?

2. How does the number of years of non-constant growth affect value? Why?

3. How does the rate of growth affect value? Why?

4. How do the number of years of non-constant growth combined with the rate of growth affect value?

5. What factors may cause a stock to have positive or negative non-constant growth? Can these factors last forever?