Growing Real Fast Company (GRF) is expected to have a 25 percent growth rate for the next four years (affecting D1, D2, D3, and D4).
Beginning in year five, the growth rate is expected to drop to 7 percent per year and last indefinitely.
Required: If GRF just paid a $2.00 dividend and the appropriate discount rate is 15 percent, then what is the value of a share of GRF?