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4. Tickle Inc. pays no dividends now. An analyst expects the firm to pay the following dividends beginning in 2023: Year 2023 2024 2025 2026

4. Tickle Inc. pays no dividends now. An analyst expects the firm to pay the following dividends beginning in 2023:

Year 2023 2024 2025 2026

Dividends $5 $10 $15 $22

After 2026 dividends will grow 5 percent annually forever. If investors expect a 15 percent annual return, can you find the value of one Tickle common share?

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