Jagdambay Exports is expecting a period of intense growth and has decided to retain more of their earnings tohelp finance that growth. As a result, they are going to reduce the annual dividend by 20% a year for the nextthree years. After that they will maintain a constant dividend of $1 a share. Last year, the company paid $2.25as the annual dividend per share. What is the market value of this stock if the required rate of return is 16%?