Your boss has asked you to calculate the estimated value of a stock expected to growth 20% for the next 3 years and 5% thereafter. Using a multi-stage dividend discount model, what is your estimate of this stocks value if the most recent dividend was $2 per share and its appropriate required return on equity of 11%? Fill in the following table to help yourself.

Year	Dividend	Present Value
0	$2.00
1
2
3

Stock Price Expected in Year 4 =

PV of Stock Price Expected in Year 4 =

Todays Expected Stock Price =