Q$3$: $(5$ points$)$ ABC Inc.$$s first quarterly dividend of $$2$ per share is expected to be paid nine months from today. From then on$,$ dividends will decline by $2\%$ per quarter for next three years. After three years, the dividends will start increasing by $1\%$ per quarter in perpetuity. Assume that ABC$$s required rate of return is $15\%($Effective annual rate$).$ What is the price of a share of ABC

today? $($the answer is $53\mathrm{.}91)$ PLEASE EXPLAIN WITHOUT EXCEL!