Nonconstant Dividend Growth Valuation Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Simplins to begin paying dividends, with the first dividend of $1.75 coming 3 years from today. The dividend should grow rapidiy - at a rate of B0\% per year - during Years 4 and 5. After Year 5, the company should grow at a constant rate of 8% per year. If the required retum on the stock is 13%, what is the value of the stock tocay (assume the marknt is in equilibrium with the required return equal to the expected return)? Do nok round intermediate calculations. Round your answer to the. nearest cent