8-12 Greenfield Environmental is expanding rapidly, and it currently needs to retain all of its earnings; hence it does not pay any dividends. However, investors expect Greenfield to begin paying dividends, with the first dividend of $0.40 coming 3 years from today. The dividend should grow rapidly- at a rate of 30% per year- during years 4 and 5. After Year 5, the company should grow at a constant rate of 6% per year. If the required return on the stock is 10%, what is the value of the stock today