4. Nachman Industries just paid a dividend of $1.70. Stock market analysts expect the company's dividend to grow by 19% this year, by 14% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. Based on the most recent data, Nachman Industries beta is 1.08, the required return on the stock market is 12.05%, and the risk-free rate is 3.85%. What is the best estimate of the stocks current market value?

** For this question (i.e. question 4), you must explain in your own words, in four lines, the approach you take to find the stocks current market value. No credit is given without this explanation.