Carvet Corporation's earnings are expected to grow rapidly over the next 3 years at a growth rate of 25%. The company is not expected to pay a dividend until three years from now, with expectations that this year 3 dividend will be $3.00 per share (D3 = $3.00). After three years, the company's dividends are expected to grow at an annual rate of 6% per year and this growth rate is expected to continue indefinitely. If the required rate of return is 12%, what is the value of Carvet stock in year three?