Kindly do not use Excel for the answer.

You own 20 shares of ABC's stock. ABC will pay dividend of $15 per share in year 1 . The dividend will grow at 4% per year until year 10 when ABC pays the last liquidating dividend. The required return on ABC s stock is 15%. a) What is the current stock price? b) You want the same dividend in each of the 10 years and accomplish this by creating homemade dividends. i. How many shares do you sell/buy at the end of year 1 ? ii. How many shares do you sell/buy at the end of year 2 ? iii. How many shares do you own at the beginning of year 10? [This one is easy] Present Value Growing Annuity Factor: PVGAFr,g,T=(rg1rg1(1+r)T(1+g)T)