A corporation has not paid dividend in the past and does not plan to do so for the next year, i.e., D=0. Due to its growth potential, investors expect the company to start paying dividends in year 2 They expect the dividends for year 2 to year 3 to be $1 and $10 and all the subsequent dividends to growth at 5% annual rate indefinitely. Investors require 8% of return on their investments as risky as this stock. What is the fair value of the stock today? (Round your calculations to the nearest $0.10. Show work to get partial credits.)