4. You are covering Webistics Corp. stock and have prepared the following estimates of the company's dividends over the next five years:

Year 1: $0.95

Year 2: $1.25

Year 3: $1.50

Year 4: $1.72

Year 5: $1.92

After year 5, you expect dividends to grow at a constant rate of 6%. The required rate of return on equity is 10.3%. What is the value of the stock based on your estimates?