Suppose that the last dividend paid on IBM share is $1. The dividends are expected to grow at a rapid growth rate of 10% over the next three years, then at a constant growth rate of 4% per year thereafter. If the expected rate of return on Intel share (a similar asset in the same risk class) is 12%, find the fundamental market price of IBM stock. Keep four decimal places in your computations A B III PX ! 5 C U S X, X x