Joel Williams follows Sonoco Products company (NYSE: SON), a manufacturer of paper and plastic packaging for both consumer and industrial use. Son appears to have a dividend policy of recognizing sustainable increases in the level of earnings with increases in dividends, keeping the payout ratio within a range of 40% to 60%. In 2014 , Joe is making below forecasts: - SON's annual dividend is expected to be $0.35 in 2015, $0.38 in 2016. - After 2016, Joe is expecting a forecasted dividend growth rate of 5% per year (Son is a mature firm at Stage 3 of Lifecycle) - Stock is associated with an estimated beta of 1.2, a market risk premium of 5% and riskfree rate of 3% - Calculate the value for SON stock (You need to show your financial graph, steps, financial models and work to get full credit)