A stock will pay a $2 dividend one year from today. The dividend is expected to grow by 14% per year for the subsequent 3 years, and then by 3% per year, thereafter. Assume that the required return in 12% per year, compounded annually.

a) At what price should the stock sell today?

b) At what price should the stock sell three years from today ( the instant before the time 3 dividend)?

c) At what price should the stock sell three years from today ( the instant after the time 3 dividend is paid)?