TTY currently pays a dividend of Ghc1.60 per year. A current price is Ghc118.36. An analyst makes the following estimates: The current required return on equity for TTY is 12 percent. Dividends will grow at 14 percent for the next two years, 12 percent for the following ve years, and 10.2 percent thereafter. Based only on the information given, estimate the value of TTY using a three-stage Dividend discount Model approach.