A company is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect this company to begin paying dividends, beginning with a dividend of $1.00 coming 3 years from today. The dividend should grow rapidlyat a rate of 50% per yearduring Years 4 and 5; but after Year 5, growth should be a constant 8% per year for very long time. If the required return is 15%, what is the value of the stock today?