$(15$ points$)$ Justine Ski Corporation $($JSC$)$ is expanding rapidly and currently needs to retain all of its earnings; hence, currently it does not pay dividends. However, investors expect JSC to begin paying dividends, beginning with a dividend of $$1\mathrm{.}60$ next year. The dividend should grow rapidly $-$ at a rate of $50\%$ per year $-$ for two years $($from year $1$ to year $2$ and then again from year $2$ to year $3),$ and after that growth is expected to settle at a constant $5\%$ per year. JSC has a beta of $1\mathrm{.}5,$ the market risk premium is $8\%,$ and the risk$-$free rate is $3\%.$ What is the value of the stock today? Do not round your intermediate calculations.