Problem $15$

Intro

A stock just paid an annual dividend of $$5\mathrm{.}6.$ The dividend is expected to grow by $2\%$ per year for the next $4$ years. In $4$ years, the P$/$E ratio is expected to be $17$ and the payout ratio to be $60\%.$

The required rate of return is $8\%.$

Part $1$

Attempt $1/6$ for $10$ pts$.$

What is the value of the stock?