Dividend $ 2.75 Dividend yearly growth (in dollars) Years of growth Required return $ 4.50 5 11% Output area: Dividend Year 1 2 3 4 UNA Share price Dividend one Dividend two Dividend three Dividend four $ 13.00 $ 9.00 $ 6.00 $ 2.75 Dividend growth rate after year 4 Required return 5% 10.75% Output area: Share price after Year 4 dividend (perpetual part) Share price