A firm plans to reduce its dividend by 8% annually for the next two years. After that, it will maintaim a constant dividend of $2 a share. Last year, the company paid an annual dividend of $3 per share. What is the intrinsic value of this stock if the required return is 12.7 % and the additive yield to maturity on its bonds is 8.5% ? (DO NOT INCLUDE A "$" IN YOUR ANSWER)

A firm plans to reduce its dividend by 8% annually for the next two years. After that, it will maintair a constant dividend of $2 a share. Last year, the company paid an annual dividend of $3 per share. What is the intrinsic value of this stock if the required return is 12.7% and the additive yield to maturity on its bonds is 8.5% ? (DO NOT INCLUDE A "\$" IN YOUR ANSWER)