Question $12$: Mad Max Inc. has a dividend policy that increases annual dividends by $3\%$ each year. If last year's dividend was $$2\mathrm{.}50,$ the company intends to stay in business for $50$ years, and an investor wants a $12\%$ return, what would be the price of

Mind Max stock?

Dividend next year would have grown twice

$($two times at growth rate each year$)$ from last

year's dividend. Make sure to use a negative

sign before the PV function if you choose to

use it instead of the mathematical formula.

$---------------------------------------$A bit confused, Dont need the formula, just want to know how to solve this problem.