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 RM0.25 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? [10 marks]

Year	0	1	2	3	4	5	6
Growth rate	NA	NA	NA	NA	50.00%	25.00%	8.00%
Dividends (RM)	0.00	0.00	0.00	0.25	0.375	0.469	0.506