Non-constant growth example 2: A firm's current dividend is zero. It is expected to have zero dividends for the next 3 years. It is then expected to pay a total dividend of $100 million at the end of year 4, and its dividend is expected to grow at a stable 4% rate after year 4. The discount rate is 10% Compute the firm's terminal value at year 4, and the firm's present value today. Can you think of any such real world firms