Supernormal GMR Inc. expects to pay the following dividends over the next three years: $4.00, $4.40, $4.84. After that, Supernormal GMR's dividends will grow at a constant rate of 3% thereafter (to infinity and beyond). If Supernormal GMR's shareholders require a return of 8%, what is the intrinsic price of one share if Supernormal GMR's stock?
