Cathay Pacific Airways (HK XXXXXXXXXXjust paid a dividend of $2.50 per share. The company will increase its dividend by 8% next year and will then reduce its dividend growth rate by 2% per year until...

Cathay Pacific Airways (HK.00293) just paid a dividend of $2.50 per share. The
company will increase its dividend by 8% next year and will then reduce its dividend
growth rate by 2% per year until it reaches the industry average of 2% dividend growth,
after which the company will keep a constant growth rate forever
.
What is the price of the stock today given a required return of 12%