Please hand write......

You are a financial manager for Shah Corporation. The firm is facing financing issues because of the COVID-19 and has decided to retain more of their earnings to help finance the growth. As a result, the board of directors is going to reduce the annual dividend by 1% a year for the next five years. After that they will maintain a constant dividend of $0.70 a share. Last year, the company paid $0.60 as the annual dividend per share. What is the market value of this stock if the required rate of return is 5.50%? Please show all the calculations by which you came up with the final