Help Please Question Attached...Need Highlighted section answered

1) Stock pricing with uneven dividend growth rate The Seneca Maintenance Company currently (that is, as of year 0) pays a common stock dividend of $1.5 per share. Dividend are expected to grow at a rate of 11% per year for the next 4 years and then continue growing thereafter at a rate of 5% per year. What is the current value of a share of Seneca common stock to an investor who require a 14% rate of return? Hint: year 0 1 2 3 4 Calculate the cash flow of the stock for year 1-4, and the terminal value at the end of year 4. What is the cash flow for year 1-4, including both dividend and terminal value? The stock price is calculated as the sum of the present value of the cash flows from year 1-4. dividend growth rate 11% 11% 11% 11% dividend ?? ?? ?? ?? ?? terminal value Total cash flow = dividend + terminal value ?? ?? ?? ?? ?? sum of discounted future cash flow