Question: Please no excel and please explain what formulas where used at each step! thank you in advance! 08.(12 points) Goldman co's last dividend was $1.25.

Please no excel and please explain what formulas where used at each step! thank you in advance!

08.(12 points) Goldman co's last dividend was $1.25. It's dividend growth rate is expected to be constant at 25% per year for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return is 15%. What is the best estimate of the stock price? V=15% 2 3

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