Valuing Stocks with Nonconstant Growth Dividends for the first four years =0. Beginning in Year 5, dividends will grow at a 5 percent rate, which will continue for the rest of the firms life; i.e., g5 = = g = 5% = gnorm. Last dividend paid was $1; i.e., D0 = $1.00. rs = 20% Find the value of the stock