Question: (show step by step calculation and formula, don't use excel or fina calculator.) HappyTea company expects to pay the following dividends over the next four

  1. (show step by step calculation and formula, don't use excel or fina calculator.) HappyTea company expects to pay the following dividends over the next four years: $11, $8, $5 and $2. Afterward, the company pledges to maintain a constant 5 percent growth rates in dividends forever. If the required return on the stock is 16 percent, what should the current share price be?

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