Part II $(12$ points$)$

A common stock is expected to pay its first dividend of $$10$ in three years $(t=3).$ After that the dividend is

expected to grow at $15\%$ for six years $,$ and $t=9),$ and after then, the dividend will

decrease by $2\%$ per year forever. Given the beta of the common stock is $0\mathrm{.}8,$ the risk$-$free rate is $3$ percent, and

the market risk premium is $9$ percent, what is the stock price today $(t=0)?$