A firm is planning on paying its first dividend of $4.9 9 years from today. After that, dividends are expected to grow at 3.3% per year indefinitely. The stock's required return is 11%. What is the intrinsic value of a share today?

Camorama, Inc. is expected to pay a dividend in year 1 of $1, a dividend in year 2 of $2.9, and a dividend in year 3 of $3.9. After year 3, dividends are expected to grow at the rate of 3.4% per year. An appropriate required return for the stock is 10%. Using the multistage dividend discount model, what should be the price of the stock today?