Instagraph just paid a dividend equal to 4.75. It expects dividends to grow at a rate of 24% for the next 2 years. After then, it expects dividends to grow at a constant rate equal to 7% rate. If required return is 19%, calculate stock price today. Hint: this is a problem of supernormal growth. You need to 1) calculate the dividends during the initial growth phase (until growth becomes constant), 2) calculate the expected future stock price at the end of the initial growth phase, 3) find the PV of all expected future cash flows.