Fourth-Sixth-Twelfth Bank currently pays an annual dividend of $1.40 per share. After extensive analysis, you forecast that the Bank's stock will continue to pay the $1.40 dividend for four years. In year 5 , the dividend will increase to $1.60 per share. The dividend will remain at $1.60 until year 12 . In year 12 , the dividend will increase to $1.72 per share. Subsequently the dividend will grow at an annual rate of 1.2%. The following chart shows the dividend stream: Calculate the fundamental value of a share of Fourth-Sixth-Twelfth stock if the appropriate discount rate is 7% per year. Fourth-Sixth-Twelfth Bank currently pays an annual dividend of $1.40 per share. After extensive analysis, you forecast that the Bank's stock will continue to pay the $1.40 dividend for four years. In year 5 , the dividend will increase to $1.60 per share. The dividend will remain at $1.60 until year 12 . In year 12 , the dividend will increase to $1.72 per share. Subsequently the dividend will grow at an annual rate of 1.2%. The following chart shows the dividend stream: Calculate the fundamental value of a share of Fourth-Sixth-Twelfth stock if the appropriate discount rate is 7% per year