Dividend Paid (D₀) = $1.00

Dividend growth in first year (g₁) = 30%

Expected dividend in 1^st year (D₁) = D₀ * (1+g)

Expected dividend in 1^st year (D₁) = $1.00 * 1.30

Expected dividend in 1^st year (D₁) = $1.30

Dividend growth in second year (g₂) = 10%

Expected dividend in 2^nd year (D₂)    = D₁ * (1+g)

Expected dividend in 2^nd year (D₂)    = $1.30 * 1.10

Expected dividend in 2^nd year (D₂)    =   $1.43

Constant dividend growth rate in Year 3 and thereafter (g₃) = 5%

Expected dividend in 3^rd year (D₃) = D₂ * (1+g)

Expected dividend in 3^rd year (D₃) = $1.43 * 1.05

Expected dividend in 3^rd year (D₃) = $1.50

Stock Value in 3^rd year (P₃) = D₃ / (R – g)

Stock Value in 3^rd year (P₃) = $1.50 / (0.09 – 0.05)

Stock Value in 3^rd year (P₃) = $37.50

Estimated Stock’s Current Intrinsic Value (P₀)  =  [D₁/(1+R¹ + D₂ / (1+R)² + D₃ / (1+R)³

                                                                                    + P₃ / (1+R)³]

Estimated Stock’s Current Intrinsic Value (P₀)   = [$1.30 / (1+0.09)¹ + $1.43 / (1+0.09)²

                                                                                 + $1.50 / (1+0.09)³ + $37.50 / (1.09)³]

Estimated Stock’s Current Intrinsic Value (P₀)   = [$1.19 + $1.204 + $1.158 + $28.96]

Estimated Stock’s Current Intrinsic Value (P₀)   = $32.51

thank you so much ,correct answer is  33.99