During the last five years, Foot Locker, Inc. (FL) has paid dividends of $2.00, $2.20, $2.50, $2.75, and $3.00 per share, respectively. Estimate the current value of FL using a three-stage DDM. Key assumptions are listed below:

• Stage 1 would last 5 years and growth rate would be the arithmetic average of last four years' dividend growth rate.
• Stage 2 would last 8 years with a linearly declining growth rate.
• Stage 3 would have growth rate of 3% in perpetuity.
• Required return on equity for FL is 12%.

What is the terminal value of FL based on these assumptions.