Over the past four years, Spirit Company's common stock dividend grews from $1 to $1.36 per share. If dividends are expected to grow at a rate of 8 percent for the foreseeable future, what is the stock's value if the appropriate return is 12 percent? Please provide an explanation that includes formulas used to solve this problem. The answer to this problem is 35.06 I just need an explanation of the answer.