A stock does not currently pay a dividend because the firm needs to plow back its earnings to fuel growth. However, it is expected to pay a dividend of $2.00 five years from today. This dividend is then expected to grow at a rate of 8% for the following 5 years. It will then level off and grow at a rate of 5% indefinitely. For the next 5 years, R = 10%. R = 8% for the following 4 years and then R = 6% indefinitely.

What is the expected stock price today?