3 Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $3.50 per share and has announced that it will increase the dividend by $4.50 per share for each of the next five years, and then never pay another dividend. If you require a return of 11 percent on the company's stock, how much will you pay for a share today? 4 Current dividend $ 3.50 Dividend growth $ 4.50 Required return 11% Complete the following analysis. Do not hard code values in your calculations. Year Dividend 1 2 3 5 Share price 56 7 8 9 10 11 12 13 14 15 16 17 18 2282 19 20 21 Sheet1 *** +