A small firm currently pays no dividends. You overhear the CFO tell the CEO that the plan is to begin paying dividends in 4 years. The first dividend will be $3.00. Dividends are expected to grow at 8% for the following two years and then 5% thereafter, forever. Given a required return of 12% (discount rate), what would you pay for the stock today? Draw out a timeline to help yourself think through it. On excel please