Suppose you have come up with the following dividend forecasts for the next three years. After the third year, the dividend will grow at a constant rate of 5% per year and the interest rate is 12%

Year	Expected Dividend
1	$1
2	$2
3	$4

1. a) Calculate the dividends in year 4 (D₄)
2. b) Calculate the price in year 3 (P₃)
3. c) Calculate the stocks price today (P₀)