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The emergence of Covid - 1 9 led to severe cash flow problems at Carlson, and it announced in early 2 0 2 0 that

The emergence of Covid-19 led to severe cash flow problems at Carlson, and it announced in early 2020 that it would suspend its dividend for the remainder of the year. As of the end of 2020, Carlson projected that it would not pay a dividend in either the first or the second quarter of 2021, but that it would pay a dividend of $0.25 per share at the end of each of the third and fourth quarters of 2021. Further, Carlson projected that it would pay a dividend of $0.45 per share at the end of each of the four quarters during 2022, and that it would be able to return its dividend to the $1.12 level by the first quarter of 2023, after which it would be able to increase subsequent dividends by 1% per quarter in perpetuity. Still assuming a discount rate of 2.0% per quarter, what was the value of a Carlson share at the end of 2020?

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