Consider a stock with a non-constant growth of dividends. The dividend payment at t = 0, D₀ = $2.50 and will grow at 20% at the end of first year, D₁ = $3.00 After this high growth, dividend payments are expected to grow at a constant rate of 4.5%. The required rate of return on investment in this stock is 11%. Based on this financial information, compute the value of this stock.

• Note that you should round off your number at two decimal points. For example, 12.789 = 12.79