Suppose that a company paid $ 3 per share dividend last year, its dividend is expected to grow at 9 percent for the next 9 years and 3 percent thereafter. If its cost of equity is 9 percent, what is the intrinsic value of this stock using non-constant growth dividend discount model? An example in Excel would be most helpful, thanks!

Group of answer choices

86.35

66.72

78.5

70.65

74.57