HSP Ltd. was founded 8 years ago. It has been profitable for the last 3 years, but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.20 dividend 3 years from today, then to increase it at a relatively rapid rate for 3 years, and then to increase it at a constant rate of 7% thereafter. The forecast of the future dividend stream, along with the forecasted growth rates, is shown in the table below. With a required return of 8%, what is the stock price of HSP Ltd. one year from today?

Year	0	1	2	3	4	5	6	7
Growth rate	NA	NA	NA	NA	100%	75%	50%	7%
Dividend	$0.00	$0.00	$0.00	$0.20	$0.40	$0.70	$1.05	$1.12

You must show all calculation steps, providing a final answer only will not get you full marks.