MJ LTD is expected to grow at various rates over the next five years. The company just paid a $1.00 dividend. The company expects to grow at 20% for the next two years (affecting D₁ and D₂), then the company expects to grow at 10% for three additional years (D₃, D₄, D₅) after which the company expects to grow at a constant rate of 5% per year indefinitely.

Required: If the required rate of return on MJ's common stock is 12%, then what is a share of MJ's stock worth?