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Part $1$

$$Staton$-$Smith Software is a new$$ start$-$up company and will not pay dividends for the first five years of operation. It will then institute an annual cash dividend policy of $$$$2\mathrm{.}50$ with a constant growth rate of $5\%$ with the first dividend at the end of year six. The company will be in business for $25$ years total. What is the$$ stock's price if an investor wants

a$.$a return of $10\%?$

b$.$a return of $15\%?$

c$.$a return of $20\%?$

d$.$a return of $40\%?$