Great Deal Company forecasts a $1.45 dividend for 2014, $1.56 dividend for 2015 and a $1.65 dividend for 2016 for Beach Corporation. For all years after 2016, Great Deal Company forecasts that Beach will pay a $1.75 dividend. Using the dividend discount valuation model determine the intrinsic value of Beach Corporation, assuming the company's cost of equity capital is 7%. The current dividend yield on CJ's common stock is 1.89 percent. The company just paid an annual dividend of $1.56 and announced plans to pay $1.70 next year. The dividend growth rate is expected to remain constant at the current level. What is the required rate of return on this stock