Cashmule, Inc. has established itself as a leader in a market that is becoming more competitive. Analysts expect it to pay an annual dividend (per share) of $12.40 next year. Given the increase in competition, analysts believe that this (annual) dividend will shrink over the following next few years, by $0.40 per year, until year 7. After year 7, analysts expect the dividend to remain constant indefinitely. What is the value of one share, if investors expect returns of 13% for this type of dividend stream?

(Explain your work! Make your spreadsheet easy to read! Write your own present-value formulas (do not use Excels =PV or =NPV built-in functions). Do not write numbers into formulas: use cell references.)