elook Problem Walk-Through Problem 7-13 Nonconstant Growth Stock Valuation Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Simplies to begin paying dividends, with the first dividend of $1.50 coming 3 years from today. The dividend should grow rapidly at a rate of 65% per year during Years 4 and 5. Alter Year 5, the company should grow at a constant rate of 9% per year. If the required return on the stock is 12%, what is the value of the stock today(sume the market is in guru with the required return equal to the expected return) Round your answer to the newest cent. Do not round your intermediate computations