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Mid - Valley Power and Electric is expected to pay an annual dividend of $ 2 . 0 6 per share in one year, which

Mid-Valley Power and Electric is expected to pay an annual dividend of $2.06 per share in one year, which is then expected to grow by 10% per year. The required rate of return is 14%.
What is the current stock price?
What is the current stock price if the annual dividend of $2.06 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.)
Now assume that the the annual dividend of $2.06 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 $2.266 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%?

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