You are looking at a new stock and would like to predict a few years of dividends before buying it. The company recently had a dividend of $1. For the next 3 years, dividends will grow 4% each year, 6% the following year and a constant growth every year thereafter. The required rate of return is 10%. What is the value of the stock today? (Round intermediate and final calculations to 2 decimals)
Please show all work.