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Stock pricing with uneven dividend growth rate

The Seneca Maintenance Company currently (that is, as of year 0) pays a common stock dividend of $1.5 per share. Dividend are expected to grow at a rate of 11% per year for the next 4 years and then continue growing thereafter at a rate of 5% per year. What is the current value of a share of Seneca common stock to an investor who require a 14% rate of return?

Hint:

Calculate the cash flow of the stock for year 1-4, and the terminal value at the end of year 4.

What is the cash flow for year 1-4, including both dividend and terminal value?

The stock price is calculated as the sum of the present value of the cash flows from year 1-4.

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