A stock has the beta of $1\mathrm{.}2$ and the standard deviation of $40\%.$ The risk$-$free rate is $2\%,$ and the market risk premium is $6\%.$ The stock will pay annual dividends of $$2$ in years $1$ through $3.$ After year $3,$ the dividend will grow at $2\%$ every year and forever. What is the present value of the stock? $[10$ points$]$ PLEASE SHOW YOUR WORK.