Combined Communications is a new firm in a rapidly growing i

Combined Communications is a new firm in a rapidly growing industry. The company is planning on increasing its annual dividend by 20 percent a year for the next 4 years and then decreasing the growth rate to 4 percent per year. The company just paid its annual dividend in the amount of $1.20 per share. What is the current value of one share of this stock if the required rate of return is 9.00 percent? $42.41 $35.23 $42.81 $48.04 $39.17