Consider trying to value a company called Etail.com on January 1. It pays dividends annually on Dec. 31. Yesterday's dividend was $1. Dividends are expected to grow for the next 2 years at 10% and then settle down to a long-run growth rate of 5% in perpetuity. Because of the initial riskiness of the company, investors required a 20% rate of return over the first 2 years, but only a 12% rate of return thereafter. What is the fair price for the stock today, January 1?