g (Year 1-2) 30% g (Year 3) 10% g (Year 4+) 5% 1 Ravens Industries just paid of dividend of D. = $1.32. 2 Analysts expect the company's dividend to grow by 30% in year 1 and year 2, then by 10% in year 3, 3 and then at a constant rate of 5% in year 4, and forever. 4 The required return on this low-risk stock is 9.00 percent. 5 6 What is the best estimate of the stock's current market value? 7 8 9