Consider a stock that pays annual dividends. i.e the dividends are paid once a year. It is expected to pay a 4 per share dividend in one year. Its dividends are expected to grow by 10% for the following two years. In other words, the dividend in two years will be 10 percent higher than the dividend in one year and the dividend in three years will be 10 percent higher than the dividend in two years. After three years the dividends are expected to grow at a constant rate of 1.5% forever. If the cost of capital is 15.5% what is the fair value of the stock today?