Problem $3$

Whitewater Adventures has just paid a dividend of $$4\mathrm{.}00.$ An analyst forecasts annual dividend growth of $9\%$ for the

next five years at $t=1,2,$dots,$5,$ after which dividends will decrease by $1\%$ per year indefinitely at $t=6,7,$dots,$).$ The

required return is $8\%($EAR$).$ What is the current value per share according to the analyst?