Common Stock Value: Variable Growth. Hospitality Bakerys most recent annual dividend was $2.40 per share (D0 = 2.40), and the firms required rate of return is 13 percent. Find the market value of Hospitality Bakerys shares when:

a. Dividends are expected to grow at 8% annually for 3 years, followed by a 5% annual growth rate in years 4 on.

b. Dividends are expected to grow at 8% annually for 3 years, followed by a 0% annual growth rate in years 4 on.

c. Dividends are expected to grow at 8% annually for 3 years, followed by a 10% annual growth rate in years 4 on.