A company is expecting a period of intense growth and has decided to retain more of their earnings to help finance that growth. As a result, the company is going to reduce the annual dividend by 12.75% a year for the next three years. After those three years, the company will maintain a constant dividend of $0.65 a share. Recently, the company paid $1.45 as the annual dividend per share. What is the market value of this stock if the required rate of return is 9.75%?