The High Flying Company just paid a dividend of $1.50 per share. The dividends are expected to grow at the rate of 20% per year for 3 years, then by 15% per year for 3 more years, before finally settling down to the industry average growth rate of 8.5%. If the risk-adjusted required rate of return on this stock is 16%, the stock's intrinsic value is:

22 Multiple Choice O $33.12 O O $35.00 O $50 O $16.90 Mc Graw