Problem:
Frey Corp. is experiencing rapid growth. Dividends are expected to grow at 24 percent per year during the next three years, 14 percent over the following year, and then 8 percent per year indefinitely. The required return on this stock is 10 percent, and the stock currently sells for $86 per share.
Required:
Question: What is the projected dividend for the coming year?
Note: Explain all steps comprehensively.