Fast Growth Co. is expected to pay a dividend in year 1 of $1.00, a dividend in year

2 of $2.00, and a dividend in year 3 of $3.00. After year 3, dividends are expected to grow at the

rate of 10% per year (i.e. dividend of $3.30 in year 4, $3.63 in year 5...). An appropriate required

return for the stock is 12%. Using the multistage DDM, what is the stocks worth today?

Please do not answer this question using excel.