(b) XYZ Corporation has just paid dividends of $1.5 per share. The market forecasts that, over the next three years, dividends will grow as follows: 5% in Year 1, 15% in Year 2 and 25% in Year 3. After that, the growth is expected to maintain at a constant growth rate of 10% per year. The required rate of return is 15% per year. Calculate the theoretical stock price using the non-constant dividend growth model. (8 marks)