1) d1=2.24
2) d2=2.24*(1+20%)=2.688
3) d3=2.24*(1+20%)*(1+12%)=3.01056
4) d4=2.24*(1+20%)*(1+12%)*(1+7.2%)=3.22732032
5) P3=d4/(Rate of return-Constant growth rate)=3.22732032/(10%-7.2%)=115.26144
6)
P0=2.24/(1+10%)+2.688/(1+10%)^2+3.01056/(1+10%)^3+3.22732032/(1+10%)^4+115.26144/(1+10%)^4
=2.036363636+2.221487603+2.261878287+2.204303203+78.7251144
=87.44914713
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