The earnings and dividends of a firm are expected to grow at an annual rate of 15

Question:

The earnings and dividends of a firm are expected to grow at an annual rate of 15 percent over the next 4 years and then slow to a constant growth rate of 8 percent per year thereafter. The firm currently pays a of $0.50 per share (D0 = $0.50). What is the value of this firm's stock to an investor who requires a 14 percent rate of return?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...