Problem 100=15 P0=raP Firm JJJ has just paid a dividend of 1.5 The dividends are expected to grow at 25% for the first two years. From year 3 to year 7 , the dividends are expected to grow at 18.5% From year 8 to year 12 , the firm decided not to pay any dividend to its shareholders. From year 13 to year 15, the dividend will grow at half the rate of growth in year 2 . Starting from year 16 , dividends are expected to grow at a constant rate of growth of 5% forever. The required rate of return on equity is 12% a/ Compute the current stock price b/ Compute the stock price at the end of year 9