Determine the price of a share of stock whose last annual dividend payment (D₀) was $1.50, assuming a required rate of return of 12% and considering the following:

1. The dividend payment is expected to remain constant (i.e., g = 0) indefinitely.
2. The dividend payment is expected to grow at a constant rate of 3% per year indefinitely.
3. The dividend payment is expected to grow at a rate of 8% for four years and then immediately decline to 3% indefinitely. See formula 9-5 on page 260 of the book.

Last Dividend	$1.50
Required rate of Return	12.00%
Quoted Price	$16.00

Please show steps in the EXCEL !!!!!