Assume that a stock's dividend growth stays roughly the same as the average of the last four years. Calculate the expected dividend D, and annual dividend growth in the following table. Then figure out the value of the stock to the investor who demands a 6% required rate of return. Annual Dividend Label Year 2014 2015 D-3 Dividend $1.00 1.05 D-2 D-1 2016 | 1.1025 1.1576 2017 Do 2018 average dividend growth Po=D, / (rs-g) = $ per share