$(36$ points$)$

$($a$).$ Tri$-$Valley Brewing Co$.$ is growing very rapidly. Dividends are expected to grow at $28\%$ per year for the next four years, with the growth rate falling off to a constant $6\%$ per year thereafter. If the required return is $10\%$ and the company just paid a dividend of $$2\mathrm{.}2$ per share $($i$.$e$.,$ Do $=$$$2\mathrm{.}20),$ what is the current price of this stock? Please be specific.

What would be your answer if you expect the dividends to remain constant from the fourth year $($i$.$e$.D_4=D_5($:$=D_6=$dots.$\}$

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