*Please do not answer if you've already did. I'm getting a second opinion on this.

MBA Inc is expected to have dividend distribution policies as below: - MBA Inc will pay out cash dividend 1 per share per year in the next two years - In the end of the 3rd year, MBA Inc will pay out cash dividend 2 per share - From the end of the 3rd year, MBA Inc will continuously pay cash divided at 5% constant growth rate per annum.

What is the theoretical price of stock of MBA Inc if the required rate of return is 10% per annum? Please show your working.