3. Wendys World stock has a required return of 14.40%. The company, which plans to pay a dividend of $4.00 per share in 2021, anticipates that its future dividends will increase at an annual rate consistent with that experienced over the 2014-2020 period, when the following dividends were paid:

Year	Div per Shr
2014	$3.05
2015	$3.20
2016	$3.25
2017	$3.33
2018	$3.44
2019	$3.65
2020	$3.75

1. If the risk-free rate is 4%, what is the risk premium on Wallys stock? Using the constant-growth model, estimate the value of Wallys stock.