Exxon Mobil Corp. has paid out the following quarterly dividend in the past 5 years (assume this is the end of 2016): Year	Quarterly dividend	Annual dividend

Year	Quarterly Dividend	Annual Dividend
2016	.4	1.6
2015	.35	1.4
2014	.32	1.28
2013	.29	1.16
2012	.27	1.08

And the scheduled dividends for the next five years:

Year	.63	2.52
2021	.57	2.28
2020	.47	1.88
2019	.44	1.76
2018	.42	1.68
2017

After 2021, the dividend is expected to grown constantly. The required rate of return is 12% (Based on CAPM) for its stock.

a. Use the whole 10 years data t oestimate the constant growth rate after 2021. Use the Arimmetic average, Compound Growth, and Logest estimations).

b. What should be the stock's price as of the end of 2016?