Using an Excel spreadsheet, please complete the calculations for this stock valuation problem. Please then submit your Excel worksheet with your Exam.

Current dividend per share: $1.35

Expected annual dividend growth rates in Years 1--5:

Year:	Annual Dividend Growth Rate:
1	7.0%
2	7.5%
3	8.1%
4	6.5%
5	6.1%

After year 5, the dividends annual growth rate expected to be a constant: 4.0%

Cost of equity capital for the firm (r _s): 8.0%

Given the above information, please calculate the value per share for this stock.