An S&P analyst forecasts a $1.00 dividend for 2017, $1.10 dividend for 2018 and a $1.20 dividend for 2019 for Mikayla Corporation. For all years after 2019, the analyst forecasts that Mikayla Corporation will pay a $1.30 dividend.

Using the dividend discount valuation model, determine the intrinsic value of Mikayla Corporation, assuming the companys cost of equity capital is 8%.

Group of answer choices

$14.57

$15.72

$16.25

$18.33