Massmay Ham Company produces ham and bacon and is expected to earn $6 per share next year and pay out $1.20 in dividends. They project 10% dividend growth for the next three years. Then, dividends will double as they reduce their re-investment rate. Thereafter, they expect growth of 6%. Investors require an 8.5% return to invest in Massmay Ham stock.

Download this Excel answer file with this information in it. Use it to answer the following two questions showing your work and then upload your file to answer this question.

Part a: Construct time line of Massmay Hams dividends that lasts at least 6 years.

Part b: What is the continuing value as of year 5?

Part c: If markets are efficient, what is the price of Massmay Ham shares today?