5. MMM company has the following expected dividends: $2 in one year, $2.35 in two

years, and $3.25 in three years. After that, its dividends are expected to grow at

3% per year forever (so that year 4s dividend will be 3% more than $3.25 and so on).

If MMM equity cost of capital is 11%, what is the current price of its stock?