Alamaya Berhad is experiencing a period of rapid growth. Earnings and

dividends are expected to grow at rate of 15 percent during next 2 year

and at 13 percent in the third year. after that the dividend growth rate

will maintain to 6 percent at constant rate per year indefinitely.

Alamaya's last dividend was RM1.10 and required rate of return on the

stock is 12 percent. Calculate the value of the stock.