Calculate the expected price of a stock given that the most recent dividend was $3.20. Dividends are expected to grow at a 15% rate for the next three years (i.e., t=0 to 1,t=1 to 2 , and t=2 to 3 ), after which they will permanently grow at a constant rate of 4%. The required return on the stock is 12%. (25 MARKS)