Question: How do I solve a two - step Dividend discount model given Current EPS: $ 1 . 0 0 , Growth rate: of 1 5

How do I solve a two-step Dividend discount model given Current EPS: $1.00, Growth rate: of 15% for 2 years, 5% growth afterward, payout ratio: 50%, ROE: 10%, and k:7%? What is the value of the stock? My professor got $31.25, but this doesn't make sense to me.

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