Question $17$

$10$ pts

Oppenheimer Inc. just paid a dividend $(D_0)$ of $$3\mathrm{.}00/$share$.$ The firm's dividend payment is expected to undergo fast growth for the next five years in a row at $75\%$ each year $($between $t=0$ and $t=5)$; then the firm's dividend will grow at $25\%$ each year for $5$ more years $($between $t=5$ and $t=10)$ until it slows down to a permanent growth rate of $5\%$ per year forever. Required rate of return $($discount rate$)$ for equity is $12\%.$

Based on the dividend discount model, how much should the company's stock $($per share$)$ be trading at$?$

$($Show all your work for possible partial credit; If you give me the correct final answer without supporting work, you would be assigned a score of zero$)$

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