Home Parties is paying an annual dividend of $1.78 every other year. The last dividend was paid last year. The firm will continue this policy until two more dividend payments have been paid. Three years after the last normal dividend payment, the company plans to pay a final liquidating dividend of $32 per share. What is the current market value of this stock if the required return is 14.7 percent? What is the formula for this? I know you can solve it this way but I don't understand where the ^6 power is coming from.. Current market value of this stock = $1.78/1.147 + $1.78/1 .1473 + $32/1.1476