Problem #3: Stock Valuation using a Dividend Discount Model Gillette Corporation is expected to grow its dividends and earnings at various rates. The company just paid a cash dividend of $1.35 per share. The company expects to grow its dividend at 6% for the next three years, then 8% for the following two years, after which the company expects to grow at a constant rate of 10% per year indefinitely. If the required rate of return on Gillette's common stock is 14%, then what is the Fair Market Value (FMV) of the stock now? Show a timeline of the cash flows. Show all work.