Firm WWW is planning to pay 2.5 dividend by the end of year 2

The dividends had grown at 25% and 23% during year 1 and 2 respectively.

From year 3 to year 8, the dividends are expected to grow at 17.5%

From year 9 to year 12, the grown rate of dividends is zero

From year 13 to year 15, the dividend will grow at rate that equals the average rates of growth of year 1 and 9

Starting from year 16, dividends are expected to grow at a constant rate of growth of 6.5% forever

The required rate of return on debt is 11%

The weighted average cost of capital of the firm is 8.6%

The required rate of return on equity is 10%

a/ Compute the current stock price

b/ Compute the stock price at the end of year 4

c/ Compute the stock price at the end of year 50