Company ABC is expected to pay a dividend of $2.00 per share this year (to be paid in one year exactly).

During the next 7 years, ABC's dividend per share is expected to grow at the rate of 13% per annum.

After 7 years, the dividend is expected to grow at the rate of 1% into perpetuity.

That is, the dividend 2 years from now will be 13% larger than the dividend one year from now,

the dividend 3 years from now will be 13% larger than the dividend 2 years from now, ...

the dividend 7 years from now will be 13% larger than the dividend 6 years from now,

the dividend 8 years from now will be 1% larger than the dividend 7 years from now, and so on into perpetuity.

Another way to express this problem would be to say that the next 7 dividends of company ABC are expected to grow at the rate of 13% per annum,

starting with the dividend $2.00 per share at the end of this year.

From year 8 and after, the dividend per share is expected to grow at the rate of 1% into perpetuity.

What is the present value of this company's future stream of dividends if the appropriate interest rate is 14%?