Suppose that a company paid $ 4 per share dividend last year, its dividend is expected to grow at 10 percent for the next 8 years and 2 percent thereafter. If its cost of equity is 8 percent, what is the intrinsic value of this stock using non-constant growth dividend discount model?

Group of answer choices

• 102.17
• 124.88
• 96.5
• 107.85
• 113.53