The current dividend of a firm is $0.90 per share, and it is forecasted to grow at a rate of 5% per year. Imagine now that the firm decides to undertake restructuring in order to improve its growth prospects. In particular, the firmwill not pay any dividend next year but will use these funds to re-organize itsoperations. It will instead start paying a dividend of $0.90 two years from now, which will be increasing at 9% per year from then onwards. Assuming that the required return k=13%, what is the stock price of the firm after the restructuring has been announced, assuming that the market believes the announcement? (Remark:Use the Gordon growth model for this valuation exercise).