Two Timing Company has paid the following dividends on its common stock for the last 6 years (including the current year, year 0):

Year Dividends

-5 $ 1.00/share

-4 $ 1.30

-3 $ 0.80

-2 $ 1.10

-1 $ 1.60

0 $ 2.20

Because of a weak economy, management expects future growth in dividends to only be at half the average rate over the last 3 years.

If investors require a 22% rate of return, what would be its current price?

Could you post the solution step by step.