Youre trying to estimate the value of a stock. They dont currently pay a dividend, but you think they will begin to pay a dividend of $0.25 per share in 6 years. You predict that the dividends will double every year for the first 5 dividend payments, then afterwards will grow at a stable 4% growth rate forever. The appropriate discount rate for this stock is 12%. What is the value of a share?

Year	Dividend	Present Value
1
2					Stock Value
3
4
5
6
7
8
9
10
11
12
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16
17
18
19
20
21
22
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24
25