A company currently pays a dividend of $$2$ per share. It is estimated that the company's dividend will grow at a rate of $20$ percent from year $1$ through year $4$ and it grows at $10$ percent from year $5$ through year $7,$ then the dividend will grow at a constant rate of $5$ percent thereafter. What would you estimate the stock's current price if the required rate of return is $15\%?$

$D_1=2(1\mathrm{.}2)=2*4,D_2=2\mathrm{.}88,D_3=3\mathrm{.}456$

$P_4=4\mathrm{.}1412,P_5=4\mathrm{.}1472(1\mathrm{.}1)=4\mathrm{.}562$

$R_0=5\mathrm{.}0181,D_2=5\mathrm{.}52$

$D_0=5\mathrm{.}52(1\mathrm{.}05)=5\mathrm{.}796$

$p_7=\frac{5\mathrm{.}796}{\mathrm{.}15-05}-57\mathrm{.}96,c{f}_9=63\mathrm{.}479$

$p_0=37$