GS’s stock is currently trading at $80 per share when it pay…

GS’s stock is currently trading at $80 per share when it pays all earnings as a dividend of $8, but GS is evaluating another potential payout policies. Under the new option, the firm will pay a dividend of $5 for three years (starting next period), and then pay a dividend of $15 which will grow at 2% forever. Identify the correct formula to price the stock under the new option: