Polar Bear industries plans to pay dividends of $2, $7 and $4 over the next 3 years and will grow the dividend at a constant rate of 5.5% thereafter. If the cost of equity is 10%, what is the price of the stock today?

Suppose Frito Enterprises has 300 million total shares outstanding and expects to have earnings next year of $920 million. The company uses 40% of earnings for dividends and share repurchases (20% dividend payout and 20% for share repurchases). If earnings will grow at a constant rate of 8% and the cost of equity is 10%, calculate the price of the shares using the total payout model.