Question - Ken-front limited, is a real estate company that is expanding rapidly after a recent successful merger. As a result, the company expected to pay a dividend per share of $3 at the year end. The dividend would thereafter grow rapidly at rate of ten percent for five years. After the sixth year, the growth in dividends is expected to decline to an annual rate of three percent. If the common stockholders require an annual rate of return of 10%. What is the current theoretical value of stock?