Pepsico's most recent dividend was $1.The dividend next year is expected to increase 10%.The dividend is expected to continue growing at 10% for two...

Pepsico's most recent dividend was $1.  The dividend next year is expected to increase 10%.  The dividend is expected to continue growing at 10% for two addition years after that.  After these three years of strong growth, the stock is then expected to grow at a constant 4% thereafter.  Calculate the intrinsic value using the multi-stage dividend discount model. Pepsico's required rate of return is 8%.