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9. The last dividend paid by General Motors Company (GM) was $1.5. GM's annual dividend growth rate is expected to be 20 percent for 5

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9. The last dividend paid by General Motors Company (GM) was $1.5. GM's annual dividend growth rate is expected to be 20 percent for 5 years after which dividends are expected to grow at a rate of 4 percent forever. GM's required rate of return on equity (discount rate) is 12 percent. What should be the current price intrinsic value) of GM's common stock? (Two stage dividend growth model)

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