Question: Happy future has dividends growing at a variable rate for the first three years (2016, 2017, and 2018). After that, the annual dividend growth rate

Happy future has dividends growing at a variable rate for the first three years (2016, 2017, and 2018). After that, the annual dividend growth rate will settle down to 3% and stay there indefinitely. Starting with the last 2015 annual dividend is $2.21 a share, we estimate thatSweatmore's dividendsshould grow by 20% next year in 2016, by 16% in 2017, and then by 13% in 2018 before dropping to a 3% rate. The required rate of return for the company is 11%.What was the value of its stock in 2015?

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