1. A companys dividend growth has been about 4% per year. The industry median dividend growth is 6% per year. Assume that the companys dividend growth will continue at 4% for 2 years and then increase to the industry average. The current dividend is $0.80. The discount rate is 10%. Using the two-stage dividend model,
   1. Calculate the current value of the dividends for the first 2 years (first stage).
   2. Calculate the current value of the dividends thereafter (second stage).