9.26 Nonconstant growth: Quansi, Inc., management expects to pay no dividends for the next six years. It has projected a growth rate of 25 percent for the next seven years. After seven years, the firm will grow at a constant rate of 5 percent. Its first dividend, to be paid in Year 7, will be $3.25. If the required rate of return is 24 percent, what is the stock worth today?