Lovely Dove Inc. paid $1 per share in dividend last year. It is expected that dividends will grow at a rate of 2% for the next year and 4% for the year after that. From year 3 onwards, dividends are...

Lovely Dove Inc. paid $1 per share in dividend last year. It is expected that dividends will grow at a rate of 2% for the next year and 4% for the year after that. From year 3 onwards, dividends are likely to grow at a constant rate of 3% per annum. What should be the fair value of Lovely Dove stock if investors require a 12% return?