SOLVE THROUGH HAND + FINANCIAL CALC

Changing Growth Rate Example: Whitewater Rapids Company is expected to have dividends grow at a rate of 12% for the next three years. In three years, the dividends will settle down to a more sustainable growth rate of 6% which is expected to last forever. Whitewater just paid a dividend of $2.00, and its beta is estimated to be 2. Given a 2% risk free rate and the market risk premium of 4%, what is the intrinsic value of Whitewater stock