A stock just paid an annual dividend of $$1\mathrm{.}3.$ The dividend is expected to grow by

$6\%$ per year for the next $4$ years. The growth rate of dividends will then fall

steadily by $0\mathrm{.}5\%$ per year, from $6\%$ in year $4$ to $4\%$ in year $8$ and stay at that level

forever.

The required rate of return is $12\%.$

Part $1$

What is the expected dividend in $8$ years?

Part $2$

What is the value of the stock in $8$ years?

Part $3$

What is the value of the stock now?