P0 = the stock price at time 0, D0 = the current dividend, D1 = the next dividend (i.e., at time 1), g = the growth rate in dividends, and r = the required return on the stock, and g < r.
P0 = the stock price at time 0,D0 = the current dividend,D1 = the next dividend (i.e., at time 1),g = the growth rate in dividends, andr = the required return on the stock, andg < r.