In the non-constant growth model where the supernormal growth phase is 5 years, followed by a second phase of constant growth, which of the following are correct?

• A. P5= D6/(k-g).
• B. P0 = the present value of dividends from years 1 - 5 plus the present value of P5.
• C. the company's growth rate is probably higher than k during the first 5 years.
• D. All of the above are correct