Tesla Inc. just paid an annual dividend of $5.50 per share. The company will increase its dividend by 30% percent next year and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 15 percent dividend growth, after which the company will keep a constant growth rate forever. What is the price of this stock today given a required return of 20 percent?

1. What is the terminal value? (5 points)
2. What is the value of the stock? (10 points)

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