Emerald City Corporation (ECC) is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect ECC to begin paying a dividend of $2.00 three years from today. The dividend should grow rapidly: at a rate of 30% per year during years 4 and 5. After Year 5, growth should be a constant 5% per year forever. If the required return on ECC is 9%, what is the value of the stock today?