ABC Corp. has just paid an annual dividend of $0.50 per share. Dividends are expected to grow at 15% for each of the next 8 years, at 10% for the 2 years after that, and at 3% thereafter. If the appropriate discount rate is 10%, what is the intrinsic value of the stock? Clue start with a stream of discounted dividends and price the stock.

The timeline for the dividends looks like this:

1	2	3	4	5	6	7	8	9	10	11	12
							0.5(1 + g)8