Compant ABC has not yet begun to pay dividends. However, a cash dividend of $0.442 per share is forecasted for 2020 The dividend is expected to grow by about 2.5% in 2021, and then at a constant rate of 5% rate there after. ABC's cost of equity is 14%. Apply the nonconstant dividend growth model to value ABC's stock at P = 12/31/2017

Period	0	1	2	3	4	5
Date	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22
growth rate	2.50%	2.50%	2.50%	2.50%	2.50%	5%
ke	14%	14%	14%	14%	14%	14%
Div		0	0	0.442	0.453	0.476
				P2020 =	5.286
	DCF
	0
	0	0
	0.298	?	0.388
	?	3.873	4.416	?	5.739
P12/31/2017	?