Chevron Corp. forecasts DPS rising from $$4\mathrm{.}88$ in $2020$ to $$5\mathrm{.}30$ in $2023.$ The dividend growth rate remains steady beyond $2023.$ Dividend$-$payout ratio is forecasted at $56\%$ and an ROE of $10\%.$ What is the intrinsic value of Chevron's stock in $2019?E(m)=9\%,r_f=2\%,=1\mathrm{.}2$

My answer sheet says its $78\mathrm{.}02$ but why and how is that the answer? Risk free rate is $2\%$ as it clearly states in the problem