Dunham, Inc., is going through a fast growth period. The company just paid a dividend of $2.45 and expects to increase the dividend by 25 percent each year for the next 2 years, 15 percent the following year, then increase the dividend by 4 percent for the indefinite future. If the required return is 11 percent, what is the stock price today? Dividend in Year 0 Dividend growth Year 1 Dividend growth Year 2 Dividend growth Year 3 Perpetual growth rate Required return 2.45 25% 25% 15% 4% 11%