Agarwal Technologies has needed all of its earnings to support growth and thus has never

paid a dividend. Management has indicated that it plans to pay a $$0\mathrm{.}50$ dividend $3$ years

from today, then to increase it at a relatively rapid rate for $2$ years, and then to increase it at

a constant rate of $8\mathrm{.}00\%$ thereafter. Management's forecast of the future dividend stream is

shown below. Assuming a required return of $11\%,$ what is your estimate of the stock's

current value?