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Dividend growth of 8% for 3 years, and 4% henceforth.

Dividend at year 0 = $2 Discount Rate Growth Rate Growth Rate Dividend at year 0 Year Dividend 12% 8% for 4% after $2 0 2.00 1 2.16 2 2.33 3 2.52 4 2.62 5 2.73 6 2.83 7 2.95 8 3.07 9 3.19 10 3.32

3 years

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Price of stock

$28.89