Nonconstant growth Year 3 Dividend, D, Supernommal growth rate, Normal growth rate.. Required retum, $1.50 18 OOM 500% 15 005 18 00% 18.00% 5.00% 5160 0 1 Dividends . cash flows to common stockholders jele PV of cash fows to common stockholders Stock Price, P. Altemately, using Excel NPV function Stock Price, P. Formulas 1800% Dividends 12 13 14 PV of cash fows to common stockholders Stock Price, P 16 17 Altematively, using Excel NPV function Stock Price, P - Formulas 18.00% _ Duidends $15000 ANIA ANA Cash flows to common stockholders N/A * PV of cash lows to common stockholders Stock Price, Po 30 Atematively, using Excel NPV function 31 Stock Price, Po 32