a. Bon Temps recently paid a dividend of $2.00. Assume that Bon Temps's dividend is expected to grow 30% the first year, 20% the second year, 10% the third year, and return to its long-run constant growth rate of 4%. The firm's required return is 9%. What is the stock's value under these conditions?

b. Write a formula that can be used to value any stock, regardless of its dividend pattern.