The Wellington Corporation is starting a 3 year expansion project. This project will require a great deal of construction that will limit the corporation's earnings during construction. After construction the company expects improved growth in earnings and dividends. The dividend that Wellington paid to its stockholders last year was $3.40. Because of construction, it expects zero growth next year, 5% growth in years 2 and 3, and 15% growth in year 4. In year 5 and thereafter a constant 10% growth rate is expected. What is the maximum price per share one should pay for the stock if they require a 14% return? Step # 1. Anoual dividends 2.Py of annual dividends 3.PV of stock at end of Initial growth 4 Sum of step 2 and 3