9.3 AAA Company is expanding rapidly and currently needs to retain all of its earnings; hence it does not pay dividends in Year 1. However, investors expect AAA to begin paying dividends, beginning with a dividend of $0.50 in Year 2. The dividend should grow rapidly at a rate of 30% per year-during Years 3 and 4; but after Year 4, growth should be a constant 5% per year. If the required return on AAA is 10% what is the value of the stock today?