The company has just paid a dividend of $$4\mathrm{.}50.$ The dividends over the next $3$ years are estimated to be $$5,$ $ $5\mathrm{.}50$ and $ $6$ per share respectively. Thereafter dividends are expected to grow at a arate of $4\%$ per year. If the cost of equity is $8\%,$ what is the estimated value of company' s stock using a multi stage DDM model?