3. City Garden Suppliers paid a $1 dividend yesterday. It is expected that the dividend will grow at 11 percent per year for 5 years, 7 percent per year for 8 years, and then at 4.25 percent per year thereafter. If the investors' expected rate of return is 13.5 percent, what is the stock worth today? Hint: Use the present value formula for a growing annuity: C1rg[1(1+g1+r)T]C1rg[1(1+g1+r)T] . (Do not round intermediate calculations. Round your answer to 2 decimal places.)