City Garden Suppliers paid a $1 dividend yesterday. It is expected that the dividend will grow at 10.5 percent per year for 3 years, 7.75 percent per year for 8 years, and then at 6.5 percent per year thereafter. If the investors' expected rate of return is 12 percent, what is 1+g the stock worth today? Hint: Use the present value formula for a growing annuity: r-8 1r (Do not round intermediate calculations. Round your answer to 2 decimal places.) nx[1-(#)] Today stock is worth $