Common Shares Valuation (Growth Rate Model): Murray Motors common stock currently pays an annual dividend of P1.80 per share. The required return on the common stock is 12%. Estimate the value of the common stock under each of the following dividend growth rate assumptions:

c. Dividends are expected to grow at an annual rate of 5% for each of the next 3 years followed by a constant annual growth rate of 4 percent in years 4