Rosendale Clothiers has decided to make significant reinvestments in its operations. As a result it will be suspending dividend payments for 2 years. It anticipates paying a dividend again in year 3 in the amount of $0.80 per share. The dividend will then be expected to grow by 20% per year for the following 2 years, then growing at a long-run rate of 4% thereafter. If the stock's required return is 11%, what is the value of Rosendale's stock at present?