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ABC, Inc. just paid an annual dividend ( D 0 ) of $ 4 per share on earnings of $ 7 . You expect the

ABC, Inc. just paid an annual dividend (D0) of $4 per share on earnings of $7. You expect the firms dividends to grow at 80% over the next two years based on its expansion plans. After that you expect dividends to grow at the industry average of 4% per year. The riskfree rate is 3%, the market risk premium is 5%, and its beta is 0.9, so the discount rate is 7.5%. The present value of the dividends over the next 2 years is $17.91.
What is the present value of all the dividends beyond year 2?

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