12. A stock will pay $10 dividend next year. The required return for the stock is 10%. The dividend is expected to grow at 5% for the first 3 years and then turns to be 3% in perpetuity. What is the current intrinsic value of this stock based on Dividend Discount Model?

12. A stock will pay \\( \\$ 10 \\) dividend next year. The required return for the stock is \10. The dividend is expected to grow at \5 for the first 3 years and then turns to be \3 in perpetuity. What is the current intrinsic value of this stock based on Dividend Discount Model