ACME Corporation is expecting a period of intense growth and has decided to retain more of their earnings to help finance that growth. As a result, they are going to reduce the annual dividend by 5% a year for the next five years. After that they will maintain a constant dividend of $1.19 a share. Last year, the company paid $3.39 as the annual dividend per share. What is the market value of this stock if the required rate of return is 9%? Please show all the calculations by which you came up with the final answer