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 Growth rate NA NA NA 3 NA 4 5 65.00% 32.50% 8.00% 6 Divs $0.000 $0.000 $0.000 $0.250 $0.413 $0.547 $0.590 $14.32 $11.58 $13.08 $10.96 $12.46