Nancy Custom Cycles common stock currently pays no dividends. The company plans to begin paying dividends beginning 2 years from today. The first dividend will be $3.00 and dividends will grow at 5 percent for the following year and then the dividend will be $4.50 for the following two year. After that, the dividend is projected to increase by 5 percent annually. Given a required return of 12 percent, what would you pay for the stock today?