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Eclipse Energy Systems ( EES ) is experiencing rapid growth and currently reinvests all profits back into the company, foregoing dividend payments. However, it's anticipated

Eclipse Energy Systems (EES) is experiencing rapid growth and currently reinvests all profits back into the company, foregoing dividend payments. However, it's anticipated that EES will start distributing dividends four years from now, starting at $5.00. The dividends are expected to increase by 20% annually for the following two years (Years 5 and 6). After Year 6, the dividend growth rate is anticipated to become a steady 4% per year indefinitely. Given the required return on EES's stock is 9%, calculate the present value of the stock based on these projections.
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