City Garden Suppliers paid a $2 dividend yesterday. It is expected that the dividend will grow at 11 percent per year for 6 years, 7.5 percent per year for 13 years, and then at 5.5 percent per year thereafter. If the investors' expected rate of return is 12 percent, what is the stock worth today? Hint: Use the present value formula for a growing annuity: (C1/rg)[1(1+g/1+r)^T] .