Company just paid $3 annual dividend. Dividend growing at 8% per ye...

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Company just paid $3 annual dividend. Dividend growing at 8% per year and expected to grow indefinitely at this rate. Cost of equity is 12% and stock price is $81.00

Someone has proposed that the dividend be cut entirely for 3 years, and reinstated at year 4 and grow at 10% from then on indefinitely. What is the stock price as of now if this proposal is accepted?

Please show work in excel.

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