Arvind Electronics Inc. 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 18% a year for the next three years. After that they will maintain a constant dividend of $1.20 a share. Last year, the company paid $2.40 as the annual dividend per share. What is the market value of this stock if the required rate of return is 16%?