A firm has just paid (the moment before valuation) a dividend of 88 and is expected to exhibit a growth rate of 15% for five years, at the end of the fifth year its growth was to decline linearly for four years to reach the steady-state 5% growth rate. At the end of the ninth year, the payout ratio will increase from its present 30% to 50%. If the appropriate discount rate is 12%, what is the value of the stock?