If you are a stockholder in a firm that expects to experience supernormal growth over the next 3 years and they plan to increase the dividends by 10% in the following 3 years. After that the dividends are expected to grow at a constant rate of 8 percent. If you believe that a 12% required return is appropriate for you. What is this stock worth to you now if the firm paid last year a dividend of $20.00?

Financial Markets and institution