Bach Music’s most recent annual dividend was $1.50 per share (D₀ = 1.50), and the firm’s required return is 9%. Find the market value of Bach’s shares when:

a. Dividends are expected to grow at 10% annually for 2 years, followed by a 5% constant annual growth rate in year 3 to infinity.

b. Dividends are expected to grow at 10% annually for 2 years, followed by a 0% constant annual growth rate in year 3 to infinity.

c. Dividends are expected to grow at 10% annually for 2 years, followed by an 8% constant annual growth rate in year 3 to infinity.