Multiple growth rates. Tyler’s Doggie Park, Inc., was founded exactly ten years ago. For the first seven years, they paid no dividend, as they sought to increase their market share first. However, at that time (exactly three 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 three 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?