Instructor's note: Answer the following question using MS-Excel. Make sure you use list all variables necessary and show all work.

ABC Corporation has only common stock and paid an annual dividend of $1.20 on each outstanding share in its most recently completed year. The company forecasts its dividends to grow by 10%, 8% and 6% in the next three years, respectively. After the third year, dividends are projected to grow at a constant sustainable rate of 3% per year per indefinitely. If ABC's cost of equity capital is 13%, what is your estimate of the value of a share of the companys common stock?