Intro

A stock just paid an annual dividend of $$6\mathrm{.}5.$ The dividend is expected to grow $2\%$ per year for the next $4$ years. In $4$ years, the P$/$E ratio is expected to be $10$ and the payout ratio to be $60\%.$

The required rate of return is $8\%.$

Part $1$

What is the value of the stock?