The Hobbes Family Inn currently pays a $1 common stock dividend. Dividends have been recently growing at a 10% annual rate and are expected to continue growing at this rate for the next three years. Thereafter the growth rate is expected to be 5% for the foreseeable future. What is the current value of Hobbes Family Inn common stock to an investor requiring a 13% return? Fill out the following information.

Dividend:

Return on Investment:

Year	Annual Growth Rate	Dividend	Selling Price	Current Value	Sum of Dividends
0
1
2
3
4
5
6
7
8
9
10