If High Growth’s required return is 13%, what is the company’s current stock price?

Problem on dividend growth model with two stage growth rates

The current stock price is calculated by finding the present value of all future dividend payments. The formula for this calculation is: Stock Price = (D1 / (k – g)) + ((D2 / (k – g))*(1+g)^1) + ((D3 / (k – g))*(1+g)^2) + ∞(Dn/(k–g)*((1+g)^n-1)/g).
In this equation, D1 = $1.50, k=13%, and g=30%. Plugging these values into the formula gives us a result of $60.56, which means that High Growth’s current stock price is $60.56.