We solve by the following formula:
P=k−gD0(1+g)×(1−(1+k)n(1+g)n)+(1+k)n(k−g∝)D0(1+g)n(1+g∝)
40=0.11−0.14(1+0.1)×(1−(1+0.11)3(1+0.1)3)+(1+0.11)3(0.11−g∝)4(1+0.1)3(1+g∝)
40=440×0.0268+1.367631(0.11−g∝)5.324(1+g∝)
40=11.792+1.367631(0.11−g∝)5.324(1+g∝)
28.208=3.89286291×(0.11−g∝)(1+g∝)
7.24608101=(0.11−g∝)(1+g∝)
7.24608101×(0.11−g∝)=(1+g∝)
0.79707−7.24608101×g∝=1+g∝
−0.2029=8.24608101×g∝
g∝=−0.0246 or -2.46%
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