Gorgon Stoneworks Co$.$ does not expect to pay any dividends for the next three years. Four years from now, the firm hopes to pay $$\mathrm{.}70$ a share and double that amount each year for the following three years. After that, the dividend is expected to increase in value by $3\mathrm{.}8$ percent annually. What is the value of this stock today if the required return is $9\mathrm{.}6$ percent?

Answer Tolerance: $\backslash$pm $ $0\mathrm{.}055$