Nonconstant growth dividend model 10. Leland Manufacturing Company anticipates a nonconstant growth pattern for dividends. Dividends at the end of year 1 are $4.00 per share and are expected to grow by 20 percent per year until the end of year 4 (that's three years of growth). After year 4, dividends are expected to grow at five percent as far as the company can see into the future. All dividends are to be discounted back to present at a 13 percent rate (Ke = 13 percent)