Problem: Sanaponic, Inc. will pay a dividend of $6 for each of the next 3 years, $8 for each of the years 4-7, and $10 for the years 8-10. Thereafter, starting in year 11, the company will pay a constant dividend of $7/year forever. If you require 16 percent rate of return on investments in this risk class, how much is this stock worth to you? Provide justifications and citations for your responses.