A fast-growing firm recently paid a dividend of $0.95 per share. The dividend is expected to increase at a 15 percent rate for the next three years. Afterwards, a more stable 10 percent growth rate can be assumed.

If a 11 percent discount rate is appropriate for this stock, what is its value? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Complete the following analysis. Do not hard code values in your calculations. Assume that the period of nonconstant growth will last no more than 5 years

Time period Dividend

1 ?

2 ?

3 ?

4 ?

5 ?

6 ?

Value at time 5 ?

Value today ?

PLEASE, ALL ANSWERS MUST BE ENTERED AS A FORMULA (EXCEL)