10. Problem 9.14 (non-constant growth.)

Computech corporation is expanding rapidly, and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of $.75 coming three years from today. The dividends should grow rapidly--at a rate of 38% per year--during years four and five, but after your five, growth should be a constant 9% per year. If they're required return on Computech is 12%, what is the value of the stock today? Do not round intermediate calculations. Round your answer to the nearest cent.

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