Valuing Stocks with Nonconstant Growth Dividends will grow at a 10 percent rate for the next three (4) years; i.e., g1 = g2 = g3 =g4 = 10%. Beginning in Year 5, dividends will grow at a 5 percent rate, which will continue for the rest of the firm’s life; i.e., g4 = … = g[infinity] = 5% = gnorm. Last dividend paid was $1; i.e., D0 = $1.00. rs = 20% Find the value of the stock?