Your boss, Sally Maloney, treasurer of Fred Clark Enterprises $($FCE$),$ asked you to help her estimate the intrinsic value of the company's stock. FCE just paid a dividend of $$1\mathrm{.}00,$ and the stock now sells for $$17\mathrm{.}50$ per share. Sally asked a number of security analysts what they believe FCE's future dividends will be$,$ based on their analysis of the company. The consensus is that the dividend will be increased by $10\%$ during Years $1$ to $3,$ and it will be increased at a rate of $5\%$ per year in Year $4$ and thereafter. Sally asked you to use that information to estimate the required rate of return on the stock, $r_S,$ and she provided you with the following template for use in the analysis.

$\backslash$table$[[$Estimated $r_s=,10\mathrm{.}00\%$