Kacy$$s$,$ Inc. paid a dividend of $$2$ per share last year reflecting a supernormal growth rate of $20\%.$ Dividends will grow at $10\%$ for the next $3$ years before settling down to a constant growth of $5\%.$ The required rate of return is $7\%.$ What is the fair market value$/$price $($P$0)$ of their common stock?

Please show work.