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Nova Corporation just had its IPO. It does not plan to pay any dividends on its stock for the next 1 2 years. At year

Nova Corporation just had its IPO. It does not plan to pay any dividends on its stock for the next 12 years. At year 13, the stock expects to pay a $7.50 dividend. Its dividends are expected to grow at an annual rate of 18% until year 32. After year 32, the growth rate drops to 2.5% and will stay at this rate forever. What is the present value of the stock using a 15% discount rate?

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