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Price per share = 8 6 Rate = 1 0 % 8 6 = D 0 ( 1 . 2 5 ) 1 . 1

Price per share =86
Rate =10%
86=D0(1.25)1.1+D0(1.25)2(1.1)2+D0(1.25)3(1.1)3+dots
D0(1.2.5)3(1.15)(1.1)4+D0(1.25)3(1.15)(1.06)10-.06(1.1)4
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