Mid$-$Valley Power and Electric is expected to pay an annual dividend of $$3\mathrm{.}97$ per share in one year, which is then expected to grow by $10\%$ per year. The required rate of return is $14\%.$

Part $1$: What is the current stock price?

Part $2$: What is the current stock price if the annual dividend of $$3\mathrm{.}97$ his about to be paid? i$.$e$.$ paid tomorrow or later today. $($You can assume the payment is being made today, there is no need to worry about a days worth of discounting.$)$

Part $3$: Now assume that the the annual dividend of $$3\mathrm{.}97$ is about to be paid exactly as in Part $2.$ However, the company also announces that due to an unexpected one$-$time shortfall, it is cancelling next year's dividend. The company expects to resume normal dividend payments two years from now, starting with a dividend of $$4\mathrm{.}367$ in two years.

Assume that you believe that the cancellation of next year's dividend really is a one$-$time issue, and that the company can continue to grow it's dividends at $$10\%$ after year $2.$

What is the fair price for the stock if the required return is still $$14\%?$