Assume that the average firm in your companys industry is expected to grow at

a constant rate of 5% and that its dividend yield is 7%. Your company is about as

risky as the average firm in the industry, but it has just successfully completed some

R&D work that leads you to expect that its earnings and dividends will grow at a rate

of 50% this year and 20% the following year, after which growth should return to the 5% industry average. If the last dividend paid (D0) was $1, what is the value per share of your firms stock?