Try to answer all the problems by first giving the right formulas $($without numbers$)$ and then computing the numerical answers and results.

Showing ALL your work is required. Please don't use any excel or a chart.

DoDo, a manufacturer of do$-$it$-$yourself hardware and housewares, reported earnings per share of $$2\mathrm{.}10$ in $2019,$ on which it paid dividends per share of $$0\mathrm{.}69.$ Earnings are expected to grow $15\%$ a year from $2020$ to $2024,$ during which period the dividend payout ratio is expected to remain unchanged. After $2024,$ the earnings growth rate is expected to drop to a stable $6\%,$ and the payout ratio is expected to increase to $65\%$ of earnings. The investors$$ required rate of return is $10\%.$ What is the value of the stock, using the two$-$stage dividend discount model