7. Billy Thriller Jeans, Inc., expects to pay out the following dividends: $1 each of 6 months, 9 months, 12 months, and 15 months from today; each subsequent dividend paid every three months will be 6% higher than the dividend payment from 12 months before. These dividends are expected to continue forever. What is the total present value of all of these dividends if the effective annual discount rate for this stock is 13%?

In your answer, please explain each process including computations and reasoning for those computations.