Example $8$

One of the world's leading semiconductor companies, Broadcom, enjoyed a long history of spectacular growth. In its first $12$ years as a public company, Broadcom increased total revenues by $34\%$ per year on average. With those growth opportunities, the company paid no dividends and reinvested its earnings instead. But as the semiconductor industry matured, growth opportunities became scarce. The company started paying dividends in $2010$ and increased them rapidly over the next decade. In $2020,$ Broadcom paid $$13$ per share in dividends, an increase of $20\%$ from the prior year.