Question: Need help solving this dividend discount model problem. Morning Dew, Inc., has an odd dividend policy. The company has just paid a dividend of $8

Need help solving this dividend discount model problem.

Morning Dew, Inc., has an odd dividend policy. The company has just paid a dividend of $8 per share and has announced that it will increase the dividend by $4 per share for each of the next five years, and then never pay another dividend. If you require a return of 11 percent on the companys stock, how much will you pay for a share today?

How do I do this in a financial calculator? I have the HP 10bII+. I tried by hand and got $73.48 which was incorrect.

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