A stock currently pays a dividend of $0.80 per share. The company is expected to grow dividends

Question:

A stock currently pays a of $0.80 per share. The company is expected to grow dividends 40% next year, 30% the following year, 20% the year after that and 15% the following year before growth settles down to a long-term average rate of 3% per year. Estimate the intrinsic value per share if the required return on the stock is 9%.
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...