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Question 3 - Amazon just paid a dividend of $2.13. The company plans to increase its dividends at 21% over the next three years, then 11% over the following five years, and 3.5% indefinitely after that. If the required return on Amazon stock is 13.2%, what is the stock worth today? Complete each of the items below to reach the final answer. (15 points) Dividend growth rate - years 1-3 Dividend growth rate . years 4-8 Dividend growth rate. perpetual Required return Dividend $ 21.00% 11.00% 3.50% 13.20% 2.13 Calculate the Share Price: Year 1 2 3 4 5 6 7 8 9 10 11 12 Growth Rate 21.00% $ 21.00% $ 21.00% $ 11.00% $ 11.00% $ 11.00% $ 11.00% $ 11.00% $ 3.50% $ 3.50% $ 3.50% $ 3.50% $ Dividend 2.58 3.12 $ 3.77 $ 4.19 4.65 $ 5.16 $ 5.73 $ 6.36 $ 6.58 $ 6.81 $ 7.05 $ 7.30 $ Present Value $2.28 2.43 2.60 $2.55 2.50 2.45 2.40 2.36 2.16 1.97 1.80 1.65 + Price at end of supernormal growth PV of supernormal growth price Share price today