CITI pays a dividend of $$3\mathrm{.}30$ per year. A current price is $$194\mathrm{.}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 $5\mathrm{.}75$ percent thereafter.

Based only on the information given, estimate the value of IBM using a three$-$stage DDM approach.