Thirsty Cactus Corp. just paid a dividend of $1.40 per share. The dividends are expected to grow at 30 percent for the next 6 years and then level off to a 9 percent growth rate indefinitely.
Required :
If the required return is 14 percent, what is the price of the stock today?
Please show work and if using a formula on Excel, please share that, as well.