Moogle does not currently pay any dividends nor repurchasesshares. Earnings per share for the year ended yesterday were $32. Assume that Moogle will start paying an annual dividend in four years and byadoptinga dividend payout rate of 50% at that time. Assume that earnings-per-share will grow at 10% per annum over the next four years. Those assumptions imply a first dividend (in four years) of $23.4256 (D₄= 0.5 * EPS₀*(1.10)⁴).Shareholders require a return of 9% on Moogles shares. Assume that, after it starts, Moogle will continue to pay annual dividends that will grow at a constant rate of 6.1% per annum in perpetuity. What is the fair price for the stock today?

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