Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it 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 $0.25 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 8.00% thereafter. Management's forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 11.00%, what is your estimate of the stock's current value?

Year: 0 1 2 3 4 5 6

Growth Rate: NA NA NA NA 100.00% 50.00% 8.00%

Dividends: $0.00 $0.00 $0.00 $0.250 $0.500 $0.750 $0.810

A. $20.55 B. $19.02 C. $16.98 D. $19.70 E. $18.00

PLEASE SHOW WORK-NO EXCEL