21. Solar Co. just paid a dividend of $1.60. Analysts expect the company's dividend to grow by 12% for 3 years and then the rate of growth changes to 6% per year from Year 4 onwards. Determine the value of this stock if the required rate of return is 8%?

(a) What is the total present value of the dividends for the first 3 years (stage I)

(b) What is the present value of cash flows during the stage II

(c) What is the price of this stock?