Question $5(1$ point$)$

Bird Motors Inc. has a $8\mathrm{.}5\%$ required rate of return. The firm does not expect to initiate dividends until year $7,$ at which time it will pay $$0\mathrm{.}99$ per share in dividends. At that time, the firm expects its dividends to grow at $1\mathrm{.}6\%$ forever. What is an estimate of the firms' price in $7$ years $($P$7)$ if its dividend at the end of year $7$ is $$0\mathrm{.}99?$

spreadsheet

$8\mathrm{.}24$

$14\mathrm{.}35$

$14\mathrm{.}58$

$11\mathrm{.}65$

$8\mathrm{.}11$