(1.5 points) Cardinal Inc. paid $5 dividend in 2019. The dividend will increase by 8% in 2020. The 2021 dividend is expected to be $6.20. In 2022, the dividend is expected to increase to $7. The value of Cardinal Inc. stock is expected to be $120 at the end of 2022. The required rate of return on the stock is 13 percent. Assume that all dividends are paid at the end of the year. Estimate the value of Cardinal Inc. stock at the beginning of 2020. Paragraph - B 1 66