Multiple growth rates Tyler’s Doggie Park, Inc., was founded exactly 10 years ago. For the first 7 years, they paid no dividend, as they sought to increase their market share first. However, at that time (exactly 3 years ago), they issued a dividend of $3.00 per share and have increased that amount by 5 % since then. They plan for the next dividend to be 7 % higher than the current dividend. They then plan to continue this 7 % growth rate for the following 3 years thereafter. Then they plan to go back to a 5 % growth rate for the rest of time. Tyler has a required return of 11 %. What should be the current price of this stock?