Can you please provide the step by step formulas to get to the answer below?
Lee Corp. is expected to experience a transitory growth period for three years. During this 3-year period, its dividends will grow at annual rates of 50%, 25% and 0%, respectively. Afterwards, its dividends will decline at an annual rate of 5% indefinitely due to the intense competition. The discount rate is 12%. Lee Corp. just paid an annual dividend per share of $2.00. Compute the intrinsic value of Lee Corp.’s stock today. Answer <$23.26>