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Connect Only Problem $8-16$ Variable Growth $($LG$8-6)$

A fast$-$growing firm recently paid a dividend of $$0\mathrm{.}85$ per share. The dividend is expected to increase at a $20$ percent rate for the next four years. Afterwards, a more stable $12$ percent growth rate can be assumed.

If a $13\mathrm{.}5$ percent discount rate is appropriate for this stock, what is its value?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Stock value