Glasgow Manufacturing Inc. pays common stock dividends once a year. The firm just paid the dividend of $1.00 (= D0) today and the dividend amount is projected to grow at the annual rate of 22.50% for the next 4 years. After Year 4, the growth rate is expected to stay constant at the annual rate of 3.50% for the foreseeable future. Your required rate of annual return is 12.78%.

What is the value of this stock at the end of Year 4 (= PV4)?

What is the price of this stock today (= P0)?