Intro

Visa has just paid an annual dividend of $$1\mathrm{.}29.$ Visa's dividends will grow by $8\%$

for the next $4$ years, and then grow by $4\%$ thereafter. Visa has a required return of

$9\%.$

Part $1$

Attempt $\frac{1}{3}$ for $10pts.$

What is the value of Visa stock?