A company just pulled off the turn-around of the century. It was recently nearly bankrupt, but today, it

announced a $1 dividend to be paid one year from now. It is also expected that the dividend will

increase by $1 per year for the following two years. After the third year (when the dividend is $3),

dividend growth is expected to slow to 6 percent. If the firms investors expect a 14 percent return on

this stock, what is the value?