Nonconstant growth

Computech Corporation is expanding rapidly and currently needs to retain all of its

earnings; hence, it does not pay dividends. However, investors expect Computech to

begin paying dividends, beginning with a dividend of $$1\mathrm{.}75$ coming $3$ years from today.

The dividend should grow rapidly $-$ at a rate of $24\%$ per year $-$ during Years $4$ and $5$;

but after Year $5,$ growth should be a constant $6\%$ per year. The data has been collected

in the Microsoft Excel Online file below.

If the required return on Computech is $13\%,$ what is the value of the stock today?

Round your answer to the nearest cent. Do not round your intermediate calculations.