A stock is expected to pay its first annual dividend in 3 years. The dividend is expected to stay constant at $1.7 per year for 22 years and then grow at 5% annually forever. The required rate of return is 12%. (hint: non-standard dividends; two-stage of dividends)    What is the PV today of the first-stage dividends? (22 years of constant $1.7 dividend per year is the first stage)      What is the PV today of the second-stage dividends? (dividends after the 22 years of constant dividend is the second stage)      What should be the stock price now?

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