How far off would Joey's price estimate be if he were to use a three-stage approach with growth assumptions of 30% for the first three years, followed by 20% for the next two years, and a long-term growth assumption of 6% thereafter? Assume that the firm pays a dividend rate of $1.50 per share at the end of the first year.

Risk-free rate is 4% and market risk premium is 8%

Please answer on this excel sheet

Growth rate Dividend during non- constant growth phase Price at end of non-constant growth phase Period 1 2 3 4 5 6 $ 1.50 Dividend in Year 0 Required Rate Intrinsic Value Growth rate Dividend during non- constant growth phase Price at end of non-constant growth phase Period 1 2 3 4 5 6 $ 1.50 Dividend in Year 0 Required Rate Intrinsic Value