Current Attempt in Progress

Management of Sandhill, a biotech firm, forecasted the following growth rates for the next three years: $35$ percent, $28$ percent, and $22$

percent. Management then expects the company to grow at a constant rate of $9$ percent forever. The company paid a dividend of $$1\mathrm{.}85$

last week. If the required rate of return is $20$ percent, what is the value of this stock? $($Round intermediate calculations and final answer to

$2$ decimal places, e$.$g$.15\mathrm{.}20.)$

Value of stock $

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