MJ LTD is expected to grow at various rates over the next five years. The company just now paid a $1.00 dividend. The company expects to grow at 20% for the next two years (effecting Div1 and Div2), then the company expects to grow at 10% for three additional years (Div3, Div4, Div5) after which the company expects to grow at a constant rate of 5% per year indefinitely. If the required rate of return on MJs common stock is 12%, then what is a share of MJs stock worth?

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