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A stock is expected to pay no dividends for the first three years, that is, D1 = $0, D2 = $0, and D3 = $0. The dividend for Year 4 is expected to be $5.00, and it is anticipated that the dividend will grow at a constant rate of 8 percent a year thereafter. The risk-free rate is 4 percent, the market risk premium is 6 percent, and the stock's beta is 1.5. Assuming the stock is fairly priced, what is its current stock price? Show all work

Not to be picky but can you please not do it using excel. Sorry, I am trying to learn the process of solving an equation like this and the last guy who answered it just posted a screenshot of an excel file i could not follow along with.

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