Cortona Corporation has just paid a dividend of $$5.$ Their dividends will grow at the rate of $20\%,$

$15\%,$ and $10\%$ for the first $3$ years. After Year $3,$ the company projects a sharp decline in sales and

its growth rate will become $-2\mathrm{.}5\%$ forever. What is the intrinsic value of the firm's stock today? The

required rate of return is $12\%.$

Draw the timeline, label the cash flows and growth rates, show with arrows whether you are

compounding or discounting.

Show the formulas you would use to solve the problem as if you did not have a

financial calculator on hand. Round all steps to four decimals.