he Aspen Maintenance Company currently $($that is$,$ as of year $0)$ pays a

common stock dividend of $$1\mathrm{.}10$ per share. Dividends are expected to grow at a rate of $9$

percent per year for the next four years and then to continue growing thereafter at a rate of $5$

percent per year.

a$.$ What is the current value of a share of Aspen common stock to an investor who

requires a $10$ percent return? $(20$ points$)$

b$.$ Write down the equation for the stock price with the numerical inputs. $(10$ points$)$