Carlson Corporation was recently forced to cut its annual dividend, which had previously been $2.60 per share, to $0.80 per share. It expects to maintain its dividend at $0.80 per share for the next three years. In year four it anticipates increasing the dividend to $1.60, and in year five it will restore the dividend to the $2.60 level. Carlson anticipates that it will be able to increase its dividend by 4% per year beyond year five, in perpetuity. Assuming that dividends are paid at end of year, and that the appropriate discount rate is 10%, what is today's value of a Carlson share?