A team of analysts is using a two$-$stage variable growth model to estimate the value of ABCM's common stock. The most recent annual dividend paid by ABCM was $$4$ per share. The analysts expect dividends to increase $7\%$ per year for the next $3$ years and then drop to $3\%$ starting in year $4$ and remain at that rate for the foreseable future. The required rate of return used for the analysis is $8\%$ Students must do their own work, with no help$/$solutions provided by others.

a$)$ What are the expected dividends for the next $4$ years?

b$)$ What is the value of the stock attributable to the first $3$ years of dividends? $($use NPV function$)$

c$)$ What is the value of the stock at the end of year $3?($use constant$-$growth model$)$ Use a cell reference in the numerator to get an unrounded, more precise, answer figure.

d$)$ What is the value of the stock attributable to years $4$ and beyond? $($use pv function, where answer to part $C$ is the $fv)$

e$)$ What is the total value of ABCM stock?