James consol company currently pays a dividend of $1.60 per share on its common stock. the company expects to increase the dividend at a 20 percent annual rate for the first four years and at a 13...

James consol company currently pays a dividend of $1.60 per share on its common stock. the company expects to increase the dividend at a 20 percent annual rate for the first four years and at a 13 percent rate for the next four years, and then grow the dividend at a 7 percent rate thereafter. this phases-growth pattern is in keeping with the expected life cycle of earnings. you require a16 percent return to invest in this stock. what value should you place on a share of this stock