$2019$ five $ dividend paid $20$ $$25\mathrm{.}20$ dividend paid estimated $2021$ $$5\mathrm{.}80$ estimated dividend pay $2022$ $$4\mathrm{.}25.$ Estimated dividend pay use the above and two$-$stage DD and to find intrinsic value of XYZ when the required rate of return is $12\%$ after year $22$ assume steady growth of $3\mathrm{.}5\%.$