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CITI ( as of early 2 0 2 2 ) pays a dividend of $ 3 . 3 0 per year. A current price is

CITI (as of early 2022) pays a dividend of $3.30 per year. A current price is $194.98. An analyst makes the following estimates:
the current required return on equity for CITI is 9 percent, and
dividends will grow at 12 percent for the next two years, 10 percent for the following five years, and 5.75 percent thereafter.
Based only on the information given, estimate the value of IBM using a three-stage DDM approach.

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